Sembcorp Secures Approval for Singapore’s First 24/7 Renewable Energy Import
Sembcorp Industries has received conditional approval from Singapore’s Energy Market Authority to import 1GW of renewable energy from Sarawak, marking Singapore’s first large-scale 24/7 renewable energy import project, expected to start by 2035. The project will primarily use hydropower and aims to enhance regional energy cooperation. The current analyst rating for Sembcorp's stock (SG:U96) is a Hold with a price target of S$6.50, and the company has a market cap of S$11.26B.
The latest announcement is out from Sembcorp Industries ( (SG:U96) ).
Sembcorp Utilities, a subsidiary of Sembcorp Industries, along with Sarawak Energy Berhad, has received conditional approval from Singapore’s Energy Market Authority to import 1GW of renewable energy from Sarawak to Singapore. This initiative, expected to begin operations by 2035, marks Singapore’s first large-scale 24/7 power import project, utilizing predominantly hydropower sources certified for sustainability. The project aims to enhance regional energy cooperation and resilience, contributing to the ASEAN Power Grid.
The most recent analyst rating on (SG:U96) stock is a Hold with a S$6.50 price target. To see the full list of analyst forecasts on Sembcorp Industries stock, see the SG:U96 Stock Forecast page.
More about Sembcorp Industries
Sembcorp Industries is a company involved in the utilities sector, focusing on providing energy solutions. It operates in the renewable energy market, emphasizing sustainability and regional energy cooperation.
Average Trading Volume: 5,348,324
Technical Sentiment Signal: Buy
Current Market Cap: S$11.26B
Learn more about U96 stock on TipRanks’ Stock Analysis page.
