Sembcorp takes 20% stake in Aster Power

Sembcorp Utilities will support Aster Power's power, steam and renewable energy expansion.

Sembcorp Utilities Pte Ltd, a wholly-owned subsidiary of Sembcorp Industries, has entered into a deal with Aster Asia Alpha Pte Ltd and Aster Power Pte Ltd (Aster Power) to subscribe for a 20% equity stake in Aster Power.

“Sembcorp’s investment will support Aster Power’s next phase of growth, which includes strengthening its power, steam and renewable energy capabilities to meet these evolving energy needs, whilst supporting Singapore’s broader energy goals,” the company said in a statement.

Sembcorp will also serve as Aster Power’s sole gas supplier as part of the agreement.

The transaction remains subject to regulatory approvals and finalisation of related arrangements.

OCBC is serving as Aster Power's exclusive financial adviser and financing partner for its current and future growth initiatives.