Singapore’s Sembcorp, SP Group caught in Vietnam’s clean energy U-turn

[HO CHI MINH CITY] Singapore’s national utility company SP Group and energy giant Sembcorp Industries are among 19 global firms that may be affected by a sudden rule shift in Vietnam, which puts billions of dollars in renewable energy (RE) investments at risk

SP Group and Sembcorp’s solar farms are among 173 projects – backed by both local and foreign investors – collectively worth around US$13 billion, that now face uncertainty amid Vietnam’s midstream reassessment of incentive eligibility. They are included in a list of affected projects, tied to a compliance dispute stemming from the review seen by The Business Times.

Singapore-incorporated firms hold majority ownership in eight of these projects, with a total installed capacity of over 400 megawatt-peak (MWp), including those backed by the two companies, according to the list.