Sembcorp buys into India wind and solar firm

Singapore

SEMBCORP Industries is expanding its renewable energy business and, for the first time, branching into solar power.

The group is buying a 60 per cent stake in wind and solar company Green Infra in India from investment manager IDFC Alternatives for 10.6 billion rupees (S$231.5 million), in a move that will triple its current global renewable energy generation capacity to over 1,000 megawatts, from its current 380 megawatts.

IDFC Alternatives now fully owns the renewable energy company through two funds. One of these, IDFC Private Equity Fund II, will sell its full stake to Sembcorp, while the other, IDFC Private Equity Fund III, will retain a 40 per cent stake in Green Infra. IDFC Alternatives is wholly-owned by Mumbai-listed infrastructure development finance firm IDF…