Singapore-based firm Sembcorp has ambitious plans to buy 428 MW wind projects in China and India. With this, its renewables capacity will rise to 12.6 gigawatts.
Sembcorp Industries, through its subsidiaries, has signed separate deals to acquire a total of 428 megawatts (MW) of wind assets in China and India, estimated to be at $200m in total.
In a statement, the firm said, “Sembcorp unit Sembcorp Energy (Shanghai) Holding entered an agreement with Envision Energy to fully acquire the share capital in Qinzhou Yuanneng Wind Power Co., which owns 200 MW wind projects in Guangxi, which is estimated to be around $130m. Meanwhile, its subsidiary Green Infra Wind Energy Limited signed a deal with India-based independent power producer Leap Green Energy Private Limited, securing its shares in two special purpose vehicles (SPV) for S$70m. The SPVs operate 228 MW operational wind assets in Madhya Pradesh, Maharashtra, and Rajasthan.”
“Overall, Sembcorp has acquired 673 MW of renewable capacity in line with its target to achieve 25 gigawatts of capacity by 2028. Sembcorp has signed an agreement to acquire majority interests of between 73% and 100% in various subsidiaries of Vietnam-based machinery and equipment company Gelex Group Joint Stock Company (Gelex),” said the note.
The firm said that with his deal, Sembcorp will include 245 megawatts (MW) of operational renewable wind, solar, and hydropower projects to its overall energy portfolio in Vietnam, leading to over 450 MW. It will accumulate a total of 12.2 GW in gross renewables capacity.
