Asian player Sembcorp aims for 25 GW of installed renewables by 2028

Singapore’s Sembcorp Industries Ltd (SGX:U96) strengthened its green energy ambitions, setting a target of 25 GW of gross installed renewables capacity by 2028 as it announced its 2023-2028 strategic plan on Monday.

The energy and urban solutions provider, which is shifting its portfolio from brown to green, in 2021 unveiled a target of 10 GW of gross installed renewables capacity by 2025, which it is on track to achieve. The company says it has 12 GW of gross renewable energy capacity including solar, wind and energy storage globally, of which 8.7 GW installed and 3.3 GW under construction.

Over the 2023-2028 period, Sembcorp plans to invest SGD 10.5 billion (USD 7.7bn/EUR 7.2bn) in renewables. This will account for 75% of its total investments in the period, with another 8% to be directed to hydrogen-ready assets, 10% to decarbonisation solutions and 5% to the Integrated Urban Solutions segment.

The company will continue to actively manage its existing gas assets, which support Asia’s need for energy and provide cash flow that will be used to support its renewables growth, according to its announcement.

“Our vision is to be a leading renewable energy player in Asia, to drive energy transition and sustainable development,” said group president and chief executive Wong Kim Yin.

(SGD 1 = USD 0.737/EUR 0.689)

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