The company was recently awarded a contract by the Oman Power and Water Procurement Company (OPWP) to build, own and operate the Manah Solar II Independent Power Project in Manah, Oman. The 500-megawatt (MW) solar plant is expected to be operational by 2025 and will be backed by a 20-year power purchase agreement (PPA) with OPWP.
Maybank Research analyst Kelvin Tan has reiterated his “buy” rating for Sembcorp Industries (Sembcorp) (SGX:U96
) with an increased target price of $6.00, up from $4.35 previously.
In his report dated June 9, the analyst cites more re-rating catalysts ahead for the company, such as Sembcorp’s recent renewables acquisition in the Middle East — its first renewable project in the region.
