On Thursday, November 17, 2022, Sembcorp announced that its wholly-owned subsidiary Sembcorp Energy (Shanghai), has acquired a 45.3% stake in Hunan Xingling New Energy for 1.1 billion yuan (204 million Singapore dollars) from Wuling Power.

Sembcorp Industries is taking a stake in Wuling Power to enable the Singapore-listed energy and urban solutions provider to enter into a partnership with the world's largest renewable energy player.

The 1.1 billion yuan deal will make Xingling New Energy a joint venture between Sembcorp and Wuling Power, with the SPIC subsidiary holding the remaining 54.7% of Xingling New Energy. According to Wong Kim Yin, Chairman and CEO of the Sembcorp Group, “SPIC is the largest renewable energy player in the world with more than 80 gigawatts of installed capacity. Sembcorp is privileged to partner with them.” “We look forward to developing this agreement to expand the strategic partnership with SPIC, particularly in renewable and green energies,” he said.