Sembcorp Utilities, a subsidiary of Sembcorp Industries, has agreed to acquire a 20% equity stake in Aster Power, marking a significant step in their ongoing partnership. This investment aims to bolster Aster Power’s capabilities in power, steam, and renewable energy, crucial for supporting Aster’s operations on Pulau Bukom and Jurong Island.
The collaboration is set to enhance Singapore’s energy transition efforts, with Sembcorp becoming Aster Power’s sole gas supplier. This move ensures a reliable and competitive fuel source, aligning with Aster’s growth and decarbonisation goals. Koh Chiap Khiong, CEO of Sembcorp, stated, “This investment deepens our partnership with Aster and underscores our commitment to supporting their long-term energy needs.”
Erwin Ciputra, Group CEO of Aster, highlighted the strategic importance of this partnership, noting, “Today’s announcement reflects a shared commitment between Sembcorp and us to supporting reliable energy supply, advancing lower-carbon solutions and progressing our decarbonisation journey.”
The transaction is pending regulatory approvals and other conditions. OCBC is serving as Aster Power’s financial adviser for this initiative. This development is expected to strengthen the competitiveness of Singapore’s energy and chemical sector, contributing to the broader energy ecosystem.
