GIWEL Receives LOA For 440MW Wind-Solar Hybrid Project From SJVN

GIWEL Receives LOA For 440MW Wind-Solar Hybrid Project From SJVN

Singapore-based renewable energy company Sembcorp through its wholly owned renewables subsidiary Green Infra Wind Energy Limited (GIWEL), received a letter of award (LOA) for a 440MW inter-state transmission system (ISTS) connected wind-solar hybrid power project from SJVN Limited. 

The GIWEL project is a build-own-operate (BOO) project which is part of a 1.5GW bid issued by SJVN in September 2023. Subject to the execution of a power purchase agreement (PPA) and upon completion of the project, power output from the project will be sold to SJVN under a 25-year long-term PPA.

The project is expected to be ready for commercial operation within 24 months from the date of signing the PPA and will be funded through a mixture of internal funds and debt. Since its investor day 2023 held in November 2023, Sembcorp has announced over 1.4GW of greenfield and brownfield projects awarded and acquired in India. Including this latest award, Sembcorp’s gross renewables capacity globally is now at 14.3GW, including a 245MW acquisition pending completion. The award of the Project is in the ordinary course of business and is not expected to have a material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending December 31, 2024.

Earlier this year, Sembcorp announced that it has, through its wholly owned subsidiary Green Infra Wind Energy Limited completed the acquisition of 100% of the share capital in two special purpose vehicles (SPVs) of Leap Green Energy Private Limited. The SPVs own 228MW of operational wind assets in Madhya Pradesh, Maharashtra, and Rajasthan, India.

In November, last year, the company announced that its wholly owned subsidiary, Green Infra Wind Energy Limited (GIWEL), has signed an agreement with Leap Green Energy Private Limited (Leap Green Energy), an independent power producer in Tamil Nadu, India. Under the agreement, GIWEL will acquire from Leap Green Energy, 100% of the share capital in two special purpose vehicles (SPVs) for an equity consideration of approximately S$70 million. Back then the Singapore firm also stated that these acquisitions would be funded through a mix of internal cash resources and external funding and are expected to be completed by the first half of 2024.