HomeBusiness ›Sembcorp Expands portfolio with 428MW Wind Farm Acquisitions in China and India

Sembcorp Expands portfolio with 428MW Wind Farm Acquisitions in China and India

In India, Sembcorp's unit Green Infra Wind Energy Limited (GIWEL) is set to acquire 100 percent of the share capital in two special purpose vehicles (SPVs) that own 228 MW of wind farms located in Madya Pradesh, Maharashtra, and Rajasthan.

December 01, 2023. By Abha Rustagi

Singapore's Sembcorp Industries Ltd. has taken a significant leap in bolstering its renewable energy portfolio by signing two separate agreements to acquire operational wind farms in China and India, totalling 428 MW.

In China, Sembcorp Energy (Shanghai) Holding Co. Ltd., a wholly-owned unit of Sembcorp Industries, has inked a deal with Envision Energy Co Ltd to acquire 100 percent of the share capital in a company owning 200 MW of wind farms in the Guangxi region. The transaction, valued at SGD 130 million (USD 97.3M), is contingent upon regulatory approvals and other conditions precedent.

In India, Sembcorp's unit Green Infra Wind Energy Limited (GIWEL) is set to acquire 100 percent of the share capital in two special purpose vehicles (SPVs) that own 228 MW of wind farms located in Madya Pradesh, Maharashtra, and Rajasthan. 

Leap Green Energy Pvt. Ltd., an independent power producer based in Tamil Nadu, will sell the SPVs to GIWEL for an equity consideration of approximately SGD 70 million. This agreement is also subject to regulatory approvals and other conditions precedent.

The energy group anticipates closing both deals in the first half of 2024, following the necessary approvals. Upon completion, these assets will contribute to increasing Sembcorp's gross renewables capacity to 12.6 GW globally. 
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