Sembcorp India Gets $100 Million For Renewable Energy, Commissions 200 Megawatt Wind Project
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Singapore-headquartered Sembcorp Industries has reported significant progress in its renewable energy business in India, including new projects and equity infusion.
Sembcorp Industries has infused Rs 521 crore (~US$100 million) in Indian subsidiary Sembcorp Energy India to push the development of renewable energy projects. The company already has substantial renewable energy assets in India and, with a large land bank, is looking to participate in upcoming auctions as well. Additionally, the company is also scouting potential candidates for acquisition.
Sembcorp Energy India owns a majority stake in Sembcorp Green Infra, which has over an operational portfolio of 1.7 gigawatts of renewable energy assets across India. Green Infra has successfully participated in three of the twelve wind energy auctions held in India till date and secured rights to develop a total capacity of 800 megawatts.
The company recently commissioned a 200 megawatt wind energy project in the state of Gujarat, adding to the already operational 250 megawatt project in the state of Tamil Nadu. The company now needs to bring online the balance 50 megawatt capacity secured in the second national-level auction and the 300 megawatts of capacity secured in the third national-level auction.
Interestingly, the company has not managed to bag any capacity in wind energy auctions since February 2018. Possibly with this equity infusion, the company may come back to the bidding circuit soon.
India is the most important market for Sembcorp Industries as it is responsible for around half of the group’s gross profit. The group has an operational thermal power capacity of 2.64 gigawatts and 1.7 gigawatts of operational or under-construction renewable energy capacity in India. The group’s total operational renewable energy capacity is around 2.6 gigawatts and it plans to increase it to around 4 gigawatts by 2022. China and India represent the largest potential for the group to increase its renewable energy portfolio but, it seems, the group is more optimistic about India.
Sembcorp Energy India has filed for an initial public offer for listing at the Indian bourses. However, given a lack of investor enthusiasm in the Indian equity markets at present, the company is in a ‘wait-and-watch’ mode regarding the final push for an IPO. Some of its competitors in the Indian renewable energy space have already dropped IPO plans.
Chip in a few dollars a month to help support independent cleantech coverage that helps to accelerate the cleantech revolution!
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Sign up for our daily newsletter for 15 new cleantech stories a day. Or sign up for our weekly one if daily is too frequent.
CleanTechnica uses affiliate links. See our policy here.
CleanTechnica's Comment Policy
