31 C
Guwahati
Tuesday, July 16, 2024

Sembcorp to acquire 428 MW wind assets in India, China

- Advertisement -
- Advertisement -

NEW DELHI, Nov 27: Sembcorp Industries on Monday
announced that it has signed two separate agreements to
acquire 428 MW of wind power assets in China and India for
200 million Singaporean dollar (about Rs 1,247 crore).
The Singaporean energy company, backed by state-owned
investor Temasek Holdings Pte, will acquire 228 MW of
operational wind power assets of Leap Green Energy Pvt Ltd for
70 million Singaporean dollar and 200 MW of Qinzhou
Yuanneng for 130 million Singaporean dollar, the firm said in a
statement.
Sembcorp has been operating in India for more than 12 years,
with a presence across 18 states. With this acquisition, the
company now has a balanced portfolio of 3.7 GW of renewable
assets, comprising 2.25 GW of wind and 1.45 GW of solar
assets. Last year, it announced the acquisition of Vector Green
to add 583 MW of renewable assets in India.
“Sembcorp’s wholly-owned subsidiary, Sembcorp Energy
(Shanghai) Holding Co Ltd has signed an agreement with
Envision Energy Co Ltd to acquire 100 per cent of the share
capital in Qinzhou Yuanneng Wind Power Co Ltd (Qinzhou
Yuanneng) for an equity consideration of approximately 130
million Singaporean dollar. Qinzhou Yuanneng owns 200MW of
operational wind assets in Guangxi, China,” the statement said.

Separately, 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
per cent of the share capital in two special purpose vehicles
(SPVs) for an equity consideration of approximately 70 million
Singaporean dollars. The SPVs own 228MW of operational wind
assets in Madhya Pradesh, Maharashtra and Rajasthan, India,”
it said.
Sembcorp has signed agreements to secure 673MW of
renewables capacity since it announced its 2028 target to
achieve 25GW of gross installed renewables capacity.
This includes the proposed acquisition of 245MW of
renewables assets in Vietnam, announced on November 10,
2023. Upon completion of these acquisitions, Sembcorp’s gross
renewables capacity will reach 12.6 GW globally.
“The acquisitions will be funded through a mix of internal cash
resources and external funding, and are expected to be
completed by the first half of 2024, subject to fulfilment of
applicable conditions precedent in each case, including
regulatory approvals,” the statement said on the buyouts
announced on Monday.

- Advertisement -

These acquisitions are in the ordinary course of business and
will not have a material impact on the earnings per share, and
net tangible assets per share of Sembcorp for the financial year
ending December 31, 2023, it added.
Sembcorp is a leading energy and urban solutions provider,
holding a balanced energy portfolio of 20.1GW, with 12.6GW of
gross renewable energy capacity comprising solar, wind and
energy storage globally. The company also has a proven track
record of transforming raw land into sustainable urban
developments, with a project portfolio spanning over 14,000
hectares across Asia. Sembcorp is listed on the main board of
the Singapore Exchange. (PTI)

- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -