Sembcorp Industries (Sembcorp) has signed two separate agreements to acquire a total of 428 MW of wind assets in China and India. 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. Qinzhou Yuanneng owns 200 MW of operational wind assets in Guangxi, China.
Separately, Sembcorp’s wholly-owned subsidiary, Green Infra Wind Energy Limited (GIWEL), has signed an agreement with Leap Green Energy Private Limited (Leap Green Energy), an independent power producer in Tamil Nadu, India. Under the agreement, GIWEL will acquire from Leap Green Energy 100 per cent of the share capital in two special purpose vehicles (SPVs) for an equity consideration of approximately $70 million. The SPVs own 228 MW of operational wind assets in Madhya Pradesh, Maharashtra and Rajasthan, India.
Sembcorp had previously announced that it is exploring investing through a wholly-owned subsidiary in the development of offshore wind projects in Vietnam with the goal of exporting electricity to Singapore. Further, in March 2023, it completed the acquisition of the entire equity interest in three solar projects with a total capacity of 795MW from BEI Energy Development (Beijing) Co., Ltd.
REGlobal’s Views: Sembcorp has set a target to achieve 25 GW of gross installed renewables capacity by 2028. The company is adopting a combination of both organic and inorganic growth strategies to reach its target. The company has been focusing on acquiring quality renewable energy assets to quickly expand its portfolio.
