Sembcorp to purchase 20% stake in unit of Singapore refiner Aster

[SINGAPORE] A wholly owned subsidiary of energy and urban solutions provider Sembcorp Industries – Sembcorp Utilities – has entered an agreement with Aster Asia Alpha and Aster Power, to subscribe for a 20 per cent equity stake in Aster Power.

This venture comes as part of the “next phase of growth” for the chemical and energy solutions company, by enhancing power, steam and renewable energy capabilities to meet evolving energy needs of Aster’s integrated refining and chemicals operations across Pulau Bukom and Jurong Island, the parties said on Wednesday (Jul 29).

On Oct 25 last year, Aster inked a deal with Sembcorp Solar Singapore to deploy around 16 megawatt-peak of solar capacity across Aster’s integrated infrastructure on Bukom and Jurong islands by end-2026.

The deal announced on Wednesday reinforces efforts to support Singapore’s broader energy transition and industrial competitiveness, with Sembcorp serving as the sole gas supplier of Aster Power.

The deal is subject to regulatory approvals and finalisation of transaction-related arrangements. OCBC is acting as Aster Power’s exclusive financial adviser and financing partner.

As at 11.29 am, shares of Sembcorp Industries were trading up 0.9 per cent or S$0.05 higher at S$5.47.