Singapore’s Sembcorp Industries has terminated a proposed S$105 million ($82 million) acquisition of Philippine solar developer Puente Al Sol, ending its planned entry into the Philippine renewable-energy market.

Sembcorp and the seller, CleanCurrent Renewable Energy, mutually agreed to scrap the share-purchase agreement, the Singaporean firm said in a statement on Thursday. Sembcorp clarified the move was due to prevailing market conditions and evolving strategic priorities.

The deal, first announced in January 2025 and originally expected to close in the second half of that year, had remained outstanding for more than 18 months.

Puente Al Sol is developing a 96-MW solar farm in Cadiz, in the central Philippines. The project was set to start operations in late 2025. The purchase, funded by cash and borrowings, would have marked Sembcorp’s first renewable-energy investment in the country.

Sembcorp said the termination was not expected to have a material impact on its earnings or net tangible assets per share for the financial year 2026. Sembcorp now has 21.8 GW of gross renewable-energy capacity across installed and committed projects. It is on track for a target of 25 GW of installed renewables capacity by 2028.

Sembcorp Industries, listed on the Singapore Exchange, is an energy and urban-development group with a growing renewable-energy business across Asia.

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