According to a statement from Sembcorp Solar Vietnam Pte Ltd - a wholly owned subsidiary of Sembcorp, the company has completed the above three transactions in the acquisition.

Following this transaction, Sembcorp has added a total of 196MW of operating solar and wind capacity to its portfolio.

As part of the acquisition, Sembcorp will also acquire a 73% stake in a subsidiary of GELEX , which owns a 49MW hydropower plant. Once fully completed, Sembcorp’s total renewable energy capacity in Vietnam will reach 455MW, while the Group’s total renewable energy capacity globally will reach 14.4GW.

Sembcorp said the acquisition of the 49MW hydropower asset is expected to be completed in the second half of 2024 after obtaining regulatory approvals.

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Sembcorp is among the Top 30 largest listed companies on the Singapore Stock Exchange.

Discussing this issue, a representative of GELEX Group said that recently, the company has restructured its investment portfolio, in which electrical equipment, industrial park infrastructure development and industrial real estate, and renewable energy are still the top priorities in the company's investment strategy.

“The wave of investment in renewable energy over the past 5 years has helped GELEX learn many lessons, we wish to accompany capable investors. At this time, GELEX is only divesting part of its investment portfolio to find and select partners to accompany in the next projects. Cooperating with Sembcorp - a leading group in the field of renewable energy from Singapore will help GELEX maximize its potential, support each other to develop more strongly in the Vietnamese and international markets, opening up new opportunities in the future”, affirmed a representative of GELEX Group.

Previously, at the 2024 Shareholders' Meeting, the Leader of GELEX Group said that one of the important strategies of GELEX at present and in the next phase is to promote the partnership ecosystem strategy with multinational corporations (domestic and foreign) to bring GELEX into global value chains, expand and upgrade product segments with higher added value for core areas, boost exports and aim to become the leading investment group in Vietnam.