Sembcorp’s acquisition of 49MW hydropower asset hits delay

June 26, 2025 | 19:17

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Sembcorp announced in a bourse filing on June 25 that the acquisition of a 49-megawatt hydropower asset in Vietnam by one of its subsidiaries has been delayed.

Sembcorp’s acquisition of 49MW hydropower asset hits delay

The acquisition was being undertaken by its wholly owned subsidiary, Sembcorp Solar Vietnam Pte Ltd. The 49MW hydropower plant is part of a 245MW renewable energy portfolio that Sembcorp agreed to acquire from Gelex Group JSC in late 2023.

The deal was initially slated for completion in the second half of 2024 but was later pushed to the first half of 2025.

"Completion of the acquisition is delayed, pending government approvals by the end of 2025. Sembcorp will provide further updates if and when completion of the acquisition takes place," the company noted.

In June 2024, the company finalised three of the planned transactions, adding a combined 196MW of operational wind and solar assets to its portfolio.

For new investments in the country, Sembcorp will continue to exercise discipline in assessment, considering regulatory uncertainties.

Sembcorp is helping to drive Vietnam’s energy transition by providing renewable energy to the national grid, factories, businesses, and homes.

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Sembcorp Solar Vietnam Pte Ltd announced its acquisition of majority interests in three out of four subsidiaries of Gelex Group JSC on June 19.

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Sembcorp continues to expand in Vietnam with the development of ready-built facilities and its flagship Vietnam-Singapore Industrial Parks. James Ng, director of Sembcorp Infra Services, spoke with VIR’s Thanh Van about its developments in the country.