Sembcorp Is Actively Hunting For Buying Renewable Projects In India

In Renewable Energy, Clean News, News
Sembcorp

Singapore-based Sembcorp is looking at acquisitions of solar and wind energy projects in India as it chases a strategic goal to shift its portfolio.

Sembcorp

Sembcorp, which has invested about Singapore dollar 6.5 billion (about Rs 35,000 crore) in electricity-generating projects in India, is open to buying under-construction as well as completed solar and wind projects.

The strategic plan calls for shifting its portfolio from ‘brown to green’ that includes quadrupling renewable energy capacity to 10 GW by 2025 from 2.6 GW in 2020. The company has committed to halving its greenhouse gas (GHG) emissions by 2030, from a 2010 baseline, and achieving net-zero emissions by 2050.

The firm is targeting 70 per cent of portfolio to include renewable assets by 2025, up from 40 per cent in 2020.

India is very central for Sembcorp as a little less than half of Sembcorp assets are in India. SEIL has energy assets totaling 4.8 GW capacity in operation and under construction in India. Of this, 2.1 GW is renewable energy projects.

They are looking at a number of acquisitions at the moment. These could be (wind and solar) farms adjacent (to SEIL projects), or they could be good projects with a pact to sell electricity.

Also, under construction projects could be another key target as Sembcorp has a good track record of commissioning. They are even open to buying already running project.

The company has however, refused to put a number to the capacity that Sembcorp may be targeting in India saying the group wants to retain the flexibility in the four markets of China, South East Asia, India and the UK that it operates in.

Sembcorp will aim to grow its renewable energy portfolio at a compounded annual growth rate (CAGR) of 30% and its integrated urban solutions portfolio at a CAGR of 10% by 2025.

This is a Syndicate News Feed; edited by Clean-Future Team

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