Sembcorp acquires 428 MW of wind assets in India and China
Sembcorp Industries has announced that it will acquire wind power assets totalling 428 MW in China and India. The Singaporean energy company, which is backed by state-owned investor Temasek Holdings Pte, will purchase 228 MW of Leap Green Energy Pvt Ltd's operational wind power assets for SGD 70 million and 200 MW of Qinzhou Yuanneng's assets for SGD 130 million. The total value of the acquisition is SGD 200 million (approximately INR 1,247 crore).
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 percent of the share capital in Qinzhou Yuanneng Wind Power Co Ltd (Qinzhou Yuanneng) for an equity consideration of approximately 130 million Singaporean dollars. Qinzhou Yuanneng owns 200MW of operational wind assets in Guangxi, China", the statement said.
"Sembcorp’s wholly-owned subsidiary, Sembcorp Energy (Shanghai) Holding Co Ltd has signed an agreement with Envision Energy Co Ltd to acquire 100 percent of the share capital in Qinzhou Yuanneng Wind Power Co Ltd (Qinzhou Yuanneng) for an equity consideration of approximately 130 million Singaporean dollars. 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 percent 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 673 MW of renewable energy capacity since announcing its target to achieve 25 GW of gross installed renewables capacity by 2028. This includes the proposed acquisition of 245 MW of renewable energy assets in Vietnam, which was announced in November 2023. Upon completion of these acquisitions, Sembcorp's gross renewable energy 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 fulfillment of applicable conditions precedent in each case, including regulatory approvals", the statement said on the buyouts announced.
