Sembcorp Industries has received a letter of award for a 150MW solar photovoltaic project in India.
The built-own-operate project, awarded by the Solar Energy Corporation of India (SECI), includes a battery energy storage system (BESS) of 300MWh as well.
This project is part a bid for 2GW inter-state transmission system (ISTS)-connected solar power projects with 4GWh of BESS, issued by SECI.
Under terms of a power purchase agreement (PPA) and upon completion of the project, the BESS will provide over a 25-year-period on-demand power to support daily peak electricity for four hours.
The project is expected to be ready for commercial operation within 24 months from the date of signing the PPA and will be funded through a mixture of internal funds and debt.
Sembcorp says this is its first solar and BESS hybrid project in India and will bring the gross renewables capacity in India to almost 6GW, including over 2GW of greenfield projects won in 2024.
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With this project, Sembcorp’s global renewables capacity will reach 16.5GW, including a 49MW acquisition pending completion.
Sembcorp Industries shares closed at $5.40 on Dec 17.
