Sembcorp bags 450 MW wind-solar hybrid power project in India

SEMBCORP Industries’ renewables subsidiary Green Infra Wind Energy obtained a contract for a 450 megawatt (MW) wind-solar hybrid power project in India, it said on Wednesday (Jan 24).

The build-own-operate project was awarded to Sembcorp by Indian government enterprise Solar Energy Corporation of India (SECI).

It is part of a 2 gigawatt (GW) bid issued by SECI to develop interstate transmission system-connected wind-solar hybrid power projects throughout India.

Sembcorp said that power output from the completed project will be sold to SECI under a 25-year long-term power purchase agreement.

The project is expected to be ready for commercial operation within 24 months from the signing of the power purchase agreement. It will be funded by Sembcorp through a mixture of internal funds and debt.

The group said that with this new project, its gross renewables portfolio in India now stands at 4.2 GW – bringing its global gross renewables capacity to 13.5 GW, including 473 MW of acquisitions awaiting completion.

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Its latest project award is not expected to have a material impact on Sembcorp’s earnings per share, nor net tangible assets per share, for the financial year ending December 2024.

Shares of Sembcorp ended Tuesday down S$0.05 or 0.9 per cent at S$5.31.