Sembcorp Industries To Acquire 428 MW Wind Assets in China and India

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.

"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.