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Home › Renewable energy ›Sembcorp Acquires Vector Green, Adds 583 MW Renewable Energy Assets in India

Sembcorp Acquires Vector Green, Adds 583 MW Renewable Energy Assets in India

November 14, 2022. By News Bureau

Sembcorp Industries announces that its wholly-owned subsidiary, Sembcorp Green Infra Limited, has signed an agreement with India Infrastructure Fund II, a fund managed by Global Infrastructure Partners India Pvt Ltd, to acquire 100% interest in Vector Green Energy Private Limited for a base equity consideration of approximately INR27.8 billion.

Vector Green is an Independent Power Producer with renewable power generation assets spread across 13 Indian states. The portfolio includes 495MW of solar capacity and 24MW of wind capacity in operation, with 64MW of solar projects under development.

Including Vector Green, Sembcorp’s gross renewables portfolio installed and under development in India will total 3GW, comprising 1GW of solar assets and 2GW of wind assets.

Wong Kim Yin, Group President & CEO, Sembcorp Industries, said: "Sembcorp remains committed to growing its renewables portfolio in India, one of the fastest growing renewables markets in the world. This acquisition is aligned with the Group’s brown to green transformation strategy. With the completion of this acquisition, Sembcorp's gross renewable energy capacity will increase to 8.5GW4 , pushing us closer towards our 2025 target of 10GW."

Vipul Tuli, CEO of South Asia, Sembcorp Industries added: “This acquisition brings significant utility-scale solar capacity to our India business, which will complement our existing wind portfolio. It also broadens and deepens our renewable energy capabilities and presence across states in India, and positions us well for further green growth in the country.”

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Sembcorp Industries

Agreement

Global Infrastructure Partners