Sembcorp obtains 300 MW solar project in India

SEMBCORP Industries has obtained a 300 megawatt (MW) solar project from Indian government enterprise NHPC, it said on Thursday (Dec 14).

The group’s wholly owned renewables subsidiary, Green Infra Wind Energy, will undertake the build-own-operate project, which is part of a three-gigawatt (GW) bid issued by NHPC earlier this year.

The project will be funded through a mix of internal funds and debt, and will be commercially ready to operate in 2026. Upon completion, power output from the project will be sold to NHPC under a 25-year power purchase agreement, Sembcorp noted.

The move followed recent agreements inked with Indian green power company, Leap Green Energy, to acquire two special purpose vehicles that own 228 MW of operational wind assets in Madhya Pradesh, Maharashtra and Rajasthan.

Together with the latest solar project win, Sembcorp’s gross renewables portfolio in India will reach 3.7 GW. Its gross renewables capacity globally will rise to 13 GW, including 473 MW of acquisitions pending completion, the group noted. It does not expect the project to have any material impact on earnings per share and net tangible assets per share for the financial year ending Dec 31.

Sembcorp’s shares ended 0.8 per cent or S$0.04 higher at S$5.11 on Wednesday.