Sembcorp to buy wind assets in China, India for S$200 million

 

Uma Devi

SEMBCORP Industries on Monday (Nov 27) said it has inked two separate agreements to acquire wind assets in China and India for a total consideration of S$200 million. 

The assets collectively amount to 428 megawatts (MW), the group said in an announcement on the Singapore bourse. 

Sembcorp&rsquo s wholly-owned unit Sembcorp Energy (Shanghai) Holding signed an agreement with Envision Energy Co to acquire the full share capital of Qinzhou Yuanneng Wind Power Co for an equity consideration of about S$130 million. Qinzhou Yuanneng owns 200 MW of operational wind assets in Guangxi, China, the company said. 

Another wholly-owned unit of Sembcorp, Green Infra Wind Energy, has also signed an agreement with Leap Green Energy &ndash an independent power producer in Tamil Nadu, India. 

Under this agreement, Green Infra Wind Energy will acquire the full share capital of two special purpose vehicles (SPVs) for an equity consideration of about S$70 million. The two SPVs own 228 MW of operational wind assets in Madhya Pradesh, Maharashtra and Rajasthan, India. 

The acquisitions will be funded through a mix of internal cash resources and external fundings and are expected to be completed by the first half of 2024, subject to fulfilment of applicable conditions precedent in each case, including regulatory approvals.