Sembcorp ends $105m Puente AI Sol deal in Philippines

The group cited market conditions and shifting priorities.

Sembcorp Industries has terminated a $105m deal to acquire full ownership of Puente Al Sol Inc. through its wholly owned subsidiary, Sembcorp Energy Philippines Inc.

In a bourse filing, the group cited market conditions and evolving strategic priorities as reasons for the decision.

Its subsidiary and the seller, CleanCurrent Renewable Energy Inc., mutually agreed to terminate the share purchase agreement, Sembcorp added.

The termination is not expected to materially affect the group’s earnings per share or net tangible assets per share for the financial year ending 31 December 2026.

In January, Sembcorp said Puente Al Sol was developing a 96-megawatt solar farm in Cadiz, Philippines, which was expected to begin commercial operations later in the year.

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