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Sembcorp to acquire 428 MW wind assets in India China

New Delhi, Nov 27 (PTI) 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.
    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.

(This story has not been edited by THE WEEK and is auto-generated from PTI)