Sembcorp Terminates Agreement for Large-Scale Solar and Energy Project in Indonesia

Sembcorp Industries, a Singapore-based energy and urban development company, has terminated its agreement with PT PLN Batam and PR Trisurya Midtra Bersama for solar energy and storage development in Indonesia.

The joint development agreement, inked in October 2021, was for the development of a large-scale integrated solar and energy storage project in Indonesia.

However, in a filing to the Singapore Stock Exchange, Sembcorp said it wishes to inform that all parties have mutually agreed to terminate the JDA, and the consortium has been dissolved.

Sembcorp said it remains committed to supporting ASEAN’s energy transition with a reliable clean energy supply.

“The company continues to develop, and is engaged in a number of initiatives, to import energy from the region,” the firm said in its filing.

The termination of the JDA is not expected to have any material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending December 31, 2023.

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