Sembcorp Industries announced on Boxing Day that its subsidiary Sembcorp Green Infra has completed the acquisition of a 100% stake in Indian solar operator ReNew Sun Bright earlier than expected.
The deal, worth $246 million, was first announced on Oct 8 and estimated to be completed in 1H2026. It is funded through a combination of internal cash resources and external borrowings.
The target owns and operates a 300 megawatt (MW) solar power asset in Fatehgarh, Rajasthan, India. The solar project commenced commercial operations in November 2021, and operates under a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company.
Currently, Sembcorp’s renewable capacity installed and under development in India stands at over 7.6 GW. Globally, Sembcorp’s renewables portfolio stands at 20.2 GW, including an acquisition pending completion.
The pending acquisition of Alinta Energy was announced on Dec 11. At around $6.5 million and funded mainly through borrowings, the transaction has been met with worries over its impact to the balance sheet.
Shares in Sembcorp were trading flat at $6.00 at around 11:17 pm on Dec 26.
