Sembcorp may find it tough to stop buying renewable capacity

SEMBCORP Industries may have slowed its acquisition of renewable energy capacity so far this year, but the energy company may have to keep spending aggressively if it is to succeed in transforming into a green company.

Based on checks by The Business Times, Sembcorp has committed to invest close to S$2 billion on acquiring solar and wind farms in China, India and Vietnam, since announcing its plans in May 2021 to pivot its business towards a more sustainable footing.

Along with winning bids for renewable energy projects in Singapore, the Middle East and other overseas markets, the total installed energy capacity is now at 8.6 gigawatts (GW), with another 3.3 GW of capacity under development, bringing the foreseeable capacity to 11.9 GW.