Singapore-based Sembcorp Industries Acquires 228 MW Wind Assets In India

Singapore-based Sembcorp Industries Acquires 228 MW Wind Assets In India

Singapore-based renewable energy company Sembcorp Industries (Sembcorp) has 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.

Recently, Sembcorp Industries 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. Last year, Sembcorp also 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.

Apart from acquisitions in India, Sembcorp has also made acquisitions in China, where it has signed an agreement with Envision Energy Co., Ltd to acquire 100% of the share capital in Qinzhou Yuanneng Wind Power Co., Ltd, (Qinzhou Yuanneng) for an equity consideration of approximately S$130 million1. Qinzhou Yuanneng owns 200MW of operational wind assets in Guangxi, China.