SINGAPORE (June 14): Sembcorp Industries announced that its wholly-owned subsidiary, Sembcorp Solar Singapore, has acquired a 40MW grid-tied rooftop solar power project that is currently under construction in Singapore.

In addition, Sembcorp has acquired 100% of the equity interest in the project development company, MSOA, as part of the acquisition.

In total, the group will spend about $55 million in acquiring the project development company as well as any future investment to complete construction of the project.

The consideration amount takes into account the earnings and book value of the business and the relevant transaction multiples, as well as the overall construction and installation cost of the project.

Shares in Sembcorp closed 5 cents lower at $2.80 on Thursday.