The investment raises Sembcorp’s effective stake in its India energy arm, Sembcorp Energy India Limited (SEIL), to 94.05% from 93.73%.
The balance of the shares in SEIL is owned by SCU’s local partner, Gayatri Energy Ventures Private Limited.
In India, SEIL has a wind and solar power portfolio of more than 1,700 megawatts.
Late last year, SEIL completed the 250-megawatt Solar Energy Corporation of India (SECI) 1 project ahead of schedule.
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SEIL is currently developing two additional wind power projects, SECI 2 and SECI 3, which it also won in the nationwide wind tenders.
Sembcorp says the equity injection was funded through a mix of internal funds and borrowings.
Sembcorp says the investment is not expected to have a material impact on its earnings per share and net asset value per share for the financial year ending Dec 31, 2019.
As at 2.40pm, shares in Sembcorp are down 1 cent at $2.38.
