DECEMBERASIA BUSINESS OUTLOOK9Sembcorp Industries has announced the signing of two separate agreements to buy 428 MW of wind generation assets in China and India for 200 million Singapore dollars (about Rs 1,247 crore). The Singaporean energy firm, backed by state-owned investor Temasek Holdings Pte, will purchase 228 MW of operational wind generating assets from Leap Green Energy Pvt Ltd for 70 million Singapore dollars and 200 MW from Qinzhou Yuanneng for 130 million Singapore dollars, according to the firm.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, as per PTI."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. Since announcing its 2028 objective of 25GW of gross installed renewable capacity, Sembcorp has inked agreements to acquire 673MW of renewable capacity. This includes the proposed purchase of 245MW of renewable energy assets in Vietnam, which was announced on November 10, 2023. Sembcorp's global gross renewables capacity will increase to 12.6 GW following the conclusion of these purchases."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. As per Prime Minister's Office (PMO), the MoUs in the energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services sectors would open up new opportunities "multi-billion dollars of investment from the UAE into Pakistan and will help realise various initiatives envisioned under the Special Investment Facilitation Council (SIFC)".The prime minister termed the signing of MoUs as "a historic event that will usher in a new era of Pak-UAE economic partnership."During the meeting, PM Kakar expressed profound gratitude for the UAE's firm support to Pakistan in the economic and financial domain, as per APP."The UAE is home to 1.8 million Pakistanis, contributing to the progress, prosperity and economic development of the two brotherly countries," the PMO said.During the conference, regional and global issues were also examined, with particular emphasis on the deteriorating human rights and humanitarian situation in occupied Palestine.The prime minister stated Pakistan's support for a just and lasting solution to the Palestinian issue based on international law and in accordance with relevant United Nations and Organization of Islamic Cooperation resolutions.The prime minister reaffirmed Pakistan's full support for the UAE's presidency of the United Nations Climate Change Conference 2023 (COP 28), emphasizing the importance of the conference as an opportunity for meaningful progress toward effective and result-oriented global actions in key areas to mitigate climate impact, such as the establishment of the Loss and Damage Fund.The two leaders reaffirmed their resolve to further strengthen economic and strategic cooperation and underlined that Pakistan and the UAE had "historic and deep-rooted fraternal ties which had stood the test of time". SEMBCORP INDUSTRIES TO ACQUIRE 428 MW WIND ASSETS IN CHINA & INDIAPAKISTAN & UAE INK MOU WORTH MULTI BILLION DOLLARSNEWSROOM
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