Singapore-based Sembcorp Industries Ltd has announced two separate agreements to acquire operational wind farms, totaling 428MW, in China and India. The wholly-owned unit, Sembcorp Energy (Shanghai) Holding Co Ltd, has entered an agreement with Envision Energy Co Ltd to acquire 100% of the share capital in a company owning 200MW of wind farms in China's Guangxi region, valued at approximately SGD 130 million (USD 97.3 million / EUR 88.8 million).
In India, Sembcorp's unit, Green Infra Wind Energy Limited (GIWEL), will acquire 100% of the share capital in two special purpose vehicles (SPVs) owning 228MW of wind farms in Madya Pradesh, Maharashtra, and Rajasthan. The SPVs will be sold by independent power producer Leap Green Energy Pvt Ltd for an equity consideration of around SGD 70 million.
The financing for these acquisitions will involve a combination of internal cash resources and external funding. The completion of both agreements is subject to regulatory approvals and other conditions precedent, with the expected closure by the first half of 2024.
Upon completion, these additions will elevate Sembcorp's gross renewables capacity to 12.6GW globally, reinforcing the company's commitment to expanding its presence in the renewable energy sector.
