Sembcorp Eyes Wind Assets of 428 MW in India & China

Sembcorp Eyes Wind Assets of 428 MW in India & China

Singapore-based renewables player Sembcorp Industries Ltd has announced the signing of two agreements for the acquisition of 428 MW of operational wind farms in China and India.

In China, the wholly-owned arm of the Sembcorp Group, Sembcorp Energy (Shanghai) Holding Co Ltd has entered into an agreement worth (USD 97.3m/EUR 88.8m) with Envision Energy Co Ltd. Under the agreement, the arm is to buy 100% of the share capital in a firm owning 200 MW of wind farms in the Guangxi region.

As per the agreement in India, Green Infra Wind Energy Limited (GIWEL), another wholly-owned subsidiary of Sembcorp, is to acquire 100% of the share capital in two special purpose vehicles (SPVs). These SPVs own 228 MW worth of wind farms in the states of Madya Pradesh, Maharashtra and Rajasthan.

Leap Green Energy Pvt Ltd, which is an independent power producer based in Tamil Nadu, will sell the SPVs to GIWEL. This deal will be for an equity consideration of nearly SGD 70 million.

The acquisitions will be financed by Sembcorp with internal cash resources and external funding.

Sembcorp Awards 50.4 MW Wind Power Project to Suzlon

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The deals are expected to conclude by the first half of 2024.

Following the acquisition of the assets, Sembcorp’s renewables capacity will increase to 12.6 GW globally.

Sembcorp Portfolio in India 

Sembcorp has presence in 18 states of India. Sembcorp Green Infra boasts a portfolio exceeding 3 GW solar and wind energy in the country.

Earlier in the year, Sembcorp had participated in and won a bid by the Railway Energy Management Company Limited (REMCL) for a wind energy project of 50.4 MW capacity. GIWEL picked Suzlon to develop the project.

Some major projects in Sembcorp portfolio include a 400 MW solar power project and a 180 MW wind power project contracted with SECI, 164 MW RE projects contracted with commercial
& industrial (C&I) customers, 50 MW wind asset won under a tender from the Indian Railways and another 64 MW solar asset in Gujarat acquired as part of the Vector Green portfolio.