Sembcorp, 49% owned by Temasek Holdings (Singapore Government Investment Fund), has invested in many countries around the world. Sembcorp is listed on the Singapore Stock Exchange and is a member of the Straits Times Index (STI) group - a stock index based on the market value of 30 large listed companies.
Sembcorp is a long-standing and reputable development partner in Vietnam.
With over 27 years of experience in integrated urban and energy development in Vietnam, Sembcorp has built a strong relationship with Vietnam in supporting the country's sustainable development goals.
Vietnam is currently assessed to have abundant renewable energy resources, including wind, solar and hydropower. Installed solar power capacity in Vietnam increased from 200MW in 2018 to more than 9GW in 2020. The Vietnamese government is committed to investing in renewable energy to diversify its energy sources and achieve its goal of net zero emissions by 2050.
Vietnam has the potential to be Asia’s top renewable energy exporter, thanks to its 500GW offshore wind potential. However, modernizing Vietnam’s grid infrastructure will be essential to accommodate the massive increase in renewable energy.
Deploying large-scale energy storage systems, similar to the 285MWh capacity systems that Sembcorp recently commissioned in Singapore, will be necessary to manage grid instability due to the inherent intermittency of renewable energy.
In Vietnam, Sembcorp invests through Phu My 3 Power Company, Sembcorp Energy Vietnam, Sembcorp Solar Vietnam and cooperates with BCG Energy to develop wind and solar energy projects. Recently, Sembcorp also said that it will conduct exploration and research on the possibility of importing offshore wind energy from Vietnam to supply electricity to Singapore.
By partnering with major enterprises in Vietnam, Sembcorp's process will be through both new investment projects and acquisitions (M&A).
Currently, the wind power projects in Quang Tri that Sembcorp wants to buy 100% of shares include: GELEX 1, 2, 3 Project of GELEX Group Corporation and Huong Phung 2, 3.
With a strategy to transform 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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