Sembcorp Awarded 450MW Wind-Solar Hybrid Project In India

Sembcorp Industries (Sembcorp) a wholly owned renewables subsidiary of Green Infra Wind Energy Limited (GIWEL), recently announced that it received a Letter of Award (LOA) for its 450MW Inter-State Transmission System (ISTS) wind and solar hybrid project. The firm received the LOA from the Solar Energy Corporation of India (SECI). 

Sembcorp’s Build-Own-Operate (BOO) project was part of a 2GW bid issued by SECI to develop ISTS-connected wind-solar hybrid power projects throughout India. Upon completion, power output from the Project is expected to be sold to SECI under a 25-year long-term power purchase agreement.

The Project is expected to be ready for commercial operation within 24 months from the date of the signing of the power purchase agreement (PPA) and is expected to be funded through a mixture of internal funds and debt. With this award, Sembcorp’s gross renewables portfolio in India stands at 4.2 GW.

This brings Sembcorp’s gross renewables capacity globally to 13.5GW, including 473MW of acquisitions 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.  

Last year, Sembcorp received a Letter of Award (LOA) for a 300 MW Inter-State Transmission System connected solar project. The project has been won by way of competitive bidding and has been awarded by NHPC, an enterprise of the Government of India that delves into the development of hydropower. The build-own-operate project is part of a 3 GW tender issued by NHPC in 2023.

In its LOA, NHPC confirmed the acceptance of GIWEL’s final offer and committed to purchase power from the project. Upon completion of the Project, power the output from the project is expected to be sold to NHPC under a 25-year long-term power purchase agreement. The project is expected to be ready for commercial operation in 2026 and claimed to be funded through a mixture of internal funds and debt.