Sembcorp to Invest in Aster Power, Strengthening Collaboration on Energy Solutions
July 29, 2026
Singapore, July 29, 2026 – Sembcorp Utilities Pte Ltd, a wholly-owned subsidiary of Sembcorp Industries (Sembcorp) has entered into an agreement with Aster Asia Alpha Pte Ltd and Aster Power Pte Ltd (Aster Power) to subscribe for a 20% equity stake in Aster Power (Proposed Transaction).
Aster Power plays a critical role in supporting Aster Chemicals and Energy’s (Aster) integrated refining and chemicals operations on Pulau Bukom and Jurong Island, one of Singapore's key industrial hubs. As it continues to expand across this value chain, demand for reliable and low carbon energy solutions is expected to rise. Sembcorp’s investment will support Aster Power’s next phase of growth, which includes strengthening its power, steam and renewable energy capabilities to meet these evolving energy needs, while supporting Singapore’s broader energy goals.
As part of the Proposed Transaction, Sembcorp will also serve as Aster Power’s sole gas supplier, underpinning the partnership with a secure, reliable and competitive fuel source.
Koh Chiap Khiong, President & CEO, Gas and Related Services, and CEO of Singapore, Sembcorp, said, “This investment deepens our partnership with Aster and underscores our commitment to supporting their long-term energy needs. By bringing together the strength of Sembcorp’s broader gas portfolio and integrated energy capabilities with the opportunities created through this partnership, we see potential to better serve the evolving needs of Singapore’s industrial sector and contribute to the wider energy ecosystem. We look forward to working with Aster to support its operations and create long-term value for all.”
Erwin Ciputra, Group CEO of Aster, said, “Today’s announcement reflects a shared commitment between Sembcorp and us to supporting reliable energy supply, advancing lower-carbon solutions and progressing our decarbonisation journey, while strengthening the long-term competitiveness of Singapore’s energy and chemicals sector. Sembcorp has been a steady partner supporting our energy and utilities needs, and moving from partner to co-investor gives us a stronger footing from which to grow.”
The Proposed Transaction is subject to the satisfaction of certain conditions precedent including regulatory approvals and finalisation of transaction-related arrangements.
OCBC is acting as Aster Power’s exclusive financial adviser and financing partner in connection with its current and future growth initiatives.
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