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Sembcorp to Acquire Australia’s Alinta for $4.3bn
December 12, 2025
Singapore’s Sembcorp Industries has agreed to acquire Australian power generator and retailer Alinta Energy for A$6.5bn ($4.3bn) in enterprise value, marking a major step in its strategy to expand internationally and scale its renewables platform. Backed by Temasek, Sembcorp plans to retain Alinta’s management and integrate its 2.7 GW of generation assets and 4 GW renewables pipeline to support its target of growing total capacity to 25 GW by 2028. Alinta’s EBITDA has grown 50% over four years to A$718mn ($478.3mn) making it an attractive platform in a key developed market. The sale provides liquidity for current owner Chow Tai Fook Enterprises, which has been seeking to divest amid broader financial pressures. The transaction is expected to close in 1H2026 subject to shareholder and regulatory approvals. The deal comes after renewed strategic engagement between Singapore and Australia, with Goldman Sachs, DBS, RBC, and UBS advising on the deal.
Sembcorp’s SGD bonds remain stable with its 2.66% 2032s trading at 101.2, yielding 2.5%.
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