Sembcorp Utilities has acquired IDFC Private Equity Fund III’s remaining stake in Sembcorp Green Infra (SGI) for INR1410.2 crores ($301 million), making Sembcorp the sole owner of SGI.
SGI is a renewable energy provider that is present across seven states in India, with close to 1,200 megawatts of wind and solar power capacity in operation and under development.
The acquisition deal which is scheduled to take place in 1Q18 will be funded through a mix of internal funds and borrowings.
The deal will allow Sembcorp to drive SGI’s growth as the 100% owner, and increase investment in a wind and solar generation portfolio that strongly complements their thermal power assets in the country. Strengthening investment in renewables will also help the company stay abreast of advances in greener power generation, and will enable them to deliver electricity in an increasingly sustainable manner.