Sembcorp taps into Singapore's solar power market

It acquired 49% of Changi Mega Solar.

Sembcorp will soon be walking on sunshine as it acquired stakes in Changi Mega Solar.

Through wholly-owned subsidiary Sembcorp Utilities, Sembcorp has acquired 49% of the solar energy firm for $2.6m.

The acquired firm is developing a 3.6 megawatt grid-tied solar photovoltaic system on the rooftop of SATS Airfreight Terminals 5 and 6 near Singapore Changi Airport. This system will provide renewable power directly to SATS Airfreight Terminals 5 and 6.

The project is Sembcorp's first solar energy project in Singapore, where it has gas-fired, biomass and energy-from-waste projects.

"Worldwide, the company has a power portfolio of over 10,000 megawatts, comprising both thermal and renewable assets. Sembcorp is growing its renewable power business globally and its green energy portfolio includes wind, solar and biomass energy as well as energy-from-waste facilities, spanning Singapore, China, India and the UK," the group said.