Singapore’s giant Sembcorp Industries is set to complete the acquisition of a 49 MW hydroelectric asset in Vietnam in the first half of 2025, the firm said in a Wednesday statement.

The move, conducted by its wholly-owned subsidiary Sembcorp Solar Vietnam Pte Ltd., was originally expected to complete regulatory approvals in 2024. However, as the approvals are still pending, the completion is revised to a later date, Sembcorp clarified.

In November 2023, Sembcorp said it would spend a maximum of SGD218 million ($160.3 million) on acquiring majority interests ranging 73-100% in subsidiaries of Vietnam’s multi-sector firm Gelex, consequently adding 245 MW of renewable energy assets to its portfolio in the country.

In June 2024, Sembcorp updated that it acquired majority interest in three subsidiaries of Gelex, adding 196 MW of operational wind and solar assets to its portfolio. The acquisition of the 49 MW hydropower asset is subject to regulatory approvals and is expected to be complete later, Sembcorp said at the time.

In July 2024, Gelex revealed that it is completing procedures to sell the 49 MW Song Bung 4A hydropower project to Singaporean giant Sembcorp.