Singapore-based energy company Sembcorp Industries has targeted 25GW of installed renewables capacity by 2028.
In order to reach this target, the company will invest nearly US$10.5 billion towards renewables across Asia – it operates across ten countries – representing 75% of total investments for 2024-2028.
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At the end of September, the company had 8.7GW of renewables installed capacity – and 3.3GW of projects under construction – up from 2.6GW in 2020, with a target to reach 10GW by 2025.
Mostly present in Asia, Sembcorp has a portfolio in two countries outside the region, with a presence in the UK – with 420MWh of battery storage – and Oman – with 500MW of solar PV – the Singapore-based energy company has a portfolio of solar projects in China (2.3GW), India (1.2GW), Vietnam (207MW), Singapore (473MW) and Indonesia with 2MW. China, India and Southeast Asia will be the key markets for Sembcorp to drive its energy transition targets by 2028.
Moreover, even though wind capacity represents 62% of all installed renewables capacity, and solar 31%, by 2028 solar is expected to be closer to representing half of all renewables.
Since 2021, when the company unveiled its strategic plan towards an energy transition, Sembcorp increased four-fold its gross renewables capacity to 12GW, which represents 61% of its energy portfolio. By 2025, Sembcorp targets to reach 10GW of installed renewables capacity.
In its strategic plan for the next five years – from 2023 to 2028 – the company strengthened its commitment to decarbonisation with a 50% reduction in emissions intensity by 2028.
Wong Kim Yin, group president and CEO of Sembcorp Industries, said: “Our vision is to be a leading renewable energy player in Asia, to drive energy transition and sustainable development. The 2023-2028 strategy provides a clear direction for Sembcorp for the next five years and we are well-positioned to capture tremendous opportunities in the key markets and create value for our stakeholders.”
