Sembcorp to invest USD 528 mn in green energy: Singapore’s renewables giant Sembcorp Industries announced a SGD 700 mn (USD 528.5 mn) investment in green energy initiatives to establish itself as a leading low-carbon firm, according to a press release. The company aims to develop low-carbon industrial parks in Asia, including Vietnam and Indonesia, and explore partnerships for an asset management platform. The funding will come from a mix of operating cash flow, project financing, internal funding, and capital recycling.

Sembcorp is active in the region: The company’s affiliate Sembcorp Utilities partnered with Chinese solar module manufacturer JinkoSolar to develop Oman’s Manah 2 solar plant in March last year. A JV established by Sembcorp Utilities and Jinko Power secured approval for its share capital to be listed on the Third Market of the Muscat Stock Exchange in September 2023. The JV was issued a license with a share capital of RO 500k (USD 1.3 mn) comprising 500k shares by Oman’s Ministry of Commerce, Industry, and Investment Promotion.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • South Africa renewables plans impeded by rejected grid access: A bid by renewable power generators to access South Africa’s grid was rejected by its regulator, putting a wrench in the country’s Renewable Energy Independent Power Producer Procurement Program. Investors have also been discouraged due to delays and losses stemming from a lack of grid allocation. (Bloomberg)
Tags: