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Sembcorp Ventures into the Wind of Renewable Energy

In an ambitious move, Sembcorp Industries acquires major wind power assets in China and India, marking a strategic turning point in their energy journey.
Sembcorp Changement Énergétique

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Sembcorp Industries, a major player in the energy sector, announces a significant step forward in its sustainable development strategy. The company, already recognized for its commitment to renewable energy, has reached a new milestone with the acquisition of 428MW of wind power assets in China and India. This move is part of a long-term vision aimed at strengthening its position in the green energy market.

Targeted Investments for Sustainable Growth

Sembcorp’s 100% subsidiary, Sembcorp Energy (Shanghai) Holding Co., Ltd, has reached an agreement with Envision Energy Co., Ltd to acquire Qinzhou Yuanneng Wind Power Co. The S$130 million deal gives Sembcorp 200MW of operational wind power assets in China. Meanwhile, Green Infra Wind Energy Limited (GIWEL), another Sembcorp subsidiary, has signed an agreement with Leap Green Energy Private Limited in India. The objective? Acquire 228MW of wind power assets in various Indian states, for S$70 million.

A Vision Aligned with the Future

These acquisitions align with Sembcorp’s ambitious target of 25GW of installed renewable capacity by 2028. Since announcing this target, the company has secured 673MW of renewable capacity, including the planned acquisition of 245MW of renewable assets in Vietnam. These initiatives will bring Sembcorp’s total renewable energy capacity to 12.6GW.

Financing and Financial Impact

The financing of these acquisitions will combine internal and external resources. Scheduled for completion in the first half of 2024, these transactions are subject to a number of preconditions, including regulatory approvals. However, they are not expected to have a material impact on Sembcorp’s earnings per share and tangible net assets per share for the year ending December 31, 2023.

Sembcorp Industries strengthens its position in the renewable energy sector, illustrating its commitment to a more sustainable and environmentally-friendly energy future.

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