Singapore-based renewable energy company Sembcorp Industries recorded a net profit of S$490 million (~$356 million) in the first half (1H) of 2022, an increase of 94% compared to S$46 (~$33 million) in 1H 2021.

The earnings before interest, taxes, depreciation and amortization (EBITDA) for 1H 2022 was S$8.65 million, an increase of 35% compared to S$6.4 million recorded in the same period last year.

Sembcorp recorded a turnover of S$222 million (S$161 million) in 1H of 2022 from the renewables segment, an increase of 52% from the S$146 billion (~$6.30 million) recorded in the same period last year.

Net profit for the renewables segment increased to S$76 million (~$55 million) from S$24 million (~$17 million), an increase of 217%.

The strong performance was driven by contributions from SDIC New Energy and Shenzhen Huiyang New Energy, which were acquired in January 2022 and June 2022, respectively.

Wong Kim Yin, Group President & CEO of Sembcorp Industries, said, “Our Conventional Energy segment delivered a strong performance, driven by higher electricity price in Singapore and India, as well as realized gains from favorable gas hedges in Singapore. The renewables segment has gained good traction since we announced our transformation strategy. Sembcorp’s gross renewables capacity installed and under development globally now stands at 7.1 GW, bringing us closer to our target of 10 GW of gross installed renewables capacity by 2025. We remain focused on the execution of our brown to green transformation strategy to deliver lasting value and growth to our stakeholders.”

In May, Sembcorp Green Infra’s subsidiary Green Infra Wind Energy signed an agreement to install a 33 MW captive wind-solar hybrid project to power Saint-Gobain’s manufacturing facilities in Sriperumbudur, Perundurai, and Tiruvallur in Tamil Nadu.

Green Infra Wind Energy had recently won the Railway Energy Management Company Limited’s auction to procure 50 MW of wind power. The tariff-based bidding was held for the power consumption of the Railways in Maharashtra.

In November last year, Sembcorp Industries, through its 100% subsidiary Sembcorp Energy (Shanghai), acquired a 98% stake in a 658 MW portfolio of operational wind and solar photovoltaic assets from GCN Capital Partners Infrastructure Fund III and its affiliates for RMB 3.3 billion (~$517 million).