Sembcorp Industries has increased its equity stake in its India arm Sembcorp Energy India (SEIL) from 93.73% to 94.05%. The company has infused ₹5.169 billion (~$75.33 million) into SEIL to support the growth of its renewable energy business in India.
According to the company’s statement, equity injection is funded through a mix of internal funds and borrowings. This equity infusion results in the subscription to 275 million additional shares in SEIL by the Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities (SCU).
The balance of the shares in SEIL is owned by SCU’s local partner, Gayatri Energy Ventures Private Limited.
SEIL’s statement says it has a wind and solar power portfolio of more than 1,700 MW.
Last year, Mercom reported when Sembcorp commissioned 250 MW of interstate transmission system (ISTS)-connected wind power projects. The capacity was part of the 1,000 MW of wind projects tendered by the Solar Energy Corporation of India (SECI) in November 2016 under Tranche I.
According to Mercom’s India Wind Project Tracker, Sembcorp had won 250 MW of wind projects quoting ₹3.46 (~$0.050)/unit. This was the first auctioned wind project to achieve 100% commissioning.
Back in 2017, Sembcorp Industries, through its wholly-owned subsidiary Sembcorp Utilities, had entered into an agreement to acquire the remaining 28% stake in Sembcorp Green Infra (SGI), a wind and solar project developer, from IDFC Private Equity Fund III’s (IDFC) for ₹14.1 billion (~$205.5 million). With this acquisition, Sembcorp Industries became the sole owner of SGI.
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.