DECEMBERASIA BUSINESS OUTLOOK9Global energy giant British Petroleum (BP) has significantly increased its presence in the Asian energy industry by taking a calculated risk by entering the power retail market in Japan. This action reflects BP's goal to broaden its business beyond conventional oil and gas activities and investigate the region's increasing energy needs.As Japan makes strides towards a more sustainable and renewable energy landscape, BP aims to contribute to this shift. The company's foray into the Japanese market is not merely a business expansion but is also aligned with its broader objectives of evolving into an integrated energy company. This venture is expected to include strategic partnerships with local entities, leveraging BP's extensive expertise in energy management, and significantly reducing its carbon footprint, as per bnn.BP Energy Japan (BPEJ) will lead the new business after receiving clearance from the industry ministry to operate as a retail power provider. In the future decades, BPEJ's focus will be on low-carbon energy, harmonizing with Japan's environmental aspirations and BP's commitment to sustainability. While the company's business plan has yet to be revealed, the introduction of such a big player in Japan's power industry is expected to increase competition and foster innovation in the field. Sembcorp 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. BRITISH PETROLEUM ENTERS INTO JAPAN'S POWER RETAIL MARKETSEMBCORP INDUSTRIES TO ACQUIRE 428 MW WIND ASSETS IN CHINA & INDIANEWSROOM
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