Sembcorp Industries (Sembcorp), through its wholly-owned subsidiary, will acquire 100% ownership of ReNew Sun Bright, a solar power asset in India, for $246 million.
Sembcorp’s subsidiary, Sembcorp Green Infra, entered into a share purchase agreement with ReNew, for the acquisition of ReNew Sun Bright, which owns and operates a 300 megawatt (MW) solar power asset in Fatehgarh, Rajasthan, India.
The project commenced commercial operations in November 2021, and operates under a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company.
Sembcorp says that the acquisition will be funded through a combination of internal cash resources and external borrowings. It expects to complete the acquisition by the first half of 2026, subject to conditions precedent including regulatory approvals.
Sembcorp says that upon completion of the acquisition, Semcorp’s gross renewable energy capacity installed and under development in India will reach 6.9 gigawatt (GW).
Shares in Sembcorp closed 7 cents higher or 1.101% up at $6.43 on Oct 8.
