Sembcorp, in which Temasek Holdings (a Singapore government investment fund) holds a 49% stake, has invested in numerous countries around the world . Sembcorp is listed on the Singapore Stock Exchange and is a member of the Straits Times Index (STI) – a stock index based on the market capitalization of 30 large listed companies.
Sembcorp is a long-standing and reputable development partner in Vietnam.
With over 27 years of experience in integrated energy and urban development in Vietnam, Sembcorp has built strong relationships with Vietnam in supporting the country's sustainable development goals.
Currently, Vietnam is considered to have abundant renewable energy resources, including wind, solar, and hydropower. Installed solar power capacity in Vietnam increased from 200MW in 2018 to over 9GW in 2020. The Vietnamese government is committed to investing in renewable energy to diversify energy sources and achieve net-zero emissions by 2050.
Vietnam has the potential to be a leading exporter of renewable energy in Asia, thanks to its offshore wind potential of up to 500GW. However, modernizing Vietnam's power grid infrastructure will be essential to meet the significant increase in renewable energy sources.
The deployment of large-scale energy storage systems, similar to the 285MWh systems that Sembcorp recently commissioned in Singapore, will be necessary to manage grid instability caused by the inherent disruptions of renewable energy.
In Vietnam, Sembcorp invests through Phu My 3 Power Company, Sembcorp Energy Vietnam, Sembcorp Solar Vietnam, and collaborates with BCG Energy to develop wind and solar energy projects. Recently, Sembcorp also announced that it will conduct exploration and research into the possibility of importing offshore wind energy from Vietnam to supply electricity to Singapore.
By collaborating with major Vietnamese businesses, Sembcorp's process will involve both new investment projects and mergers and acquisitions (M&A).
Currently, the wind power projects in Quang Tri that Sembcorp wants to acquire 100% of the shares in include: GELEX 1, 2, and 3 projects of GELEX Group Joint Stock Company and Huong Phung 2 and 3 projects.
With a strategy to shift its portfolio from "brown to green," Sembcorp is exploring opportunities to expand its renewable energy portfolio in Vietnam, including investments in onshore and offshore wind farms, solar power systems, and floating solar farms, to support Vietnam's energy transition and sustainable development.
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