Sembcorp Green Infra, a wholly owned subsidiary of Singapore-based energy solutions company Sembcorp Industries, has signed a share purchase agreement with ReNew to acquire 100% of ReNew Sun Bright, its subsidiary, for approximately SGD246 million (~$190 million).

ReNew Sun Bright’s 300 MW solar project in Fatehgarh, Rajasthan, commenced generation in November 2021. The interstate transmission system-connected project operates under a 25-year power purchase agreement with the Maharashtra State Electricity Distribution Company.

The acquisition, subject to conditions precedent, including regulatory approvals, will be funded through a combination of internal cash resources and external borrowings. It is expected to be completed by the first half of 2026.

Sembcorp said its gross renewable energy capacity installed and under development in India will reach 6.9 GW after acquiring the project. The company has a global gross renewable energy capacity of 19.3 GW, including acquisitions pending completion.

It also has a balanced energy portfolio of 27.4 GW.

In May this year, Sembcorp Green Infra was among the winners of the Solar Energy Corporation of India’s (SECI) auction to procure 1.2 GW of round-the-clock power from ISTS-connected renewable energy projects, winning 50 MW for ₹5.07 (~$0.0595)/kWh.

In December 2024, Sembcorp Green was among the winners of SECI’s Tranche XVII auction to develop 2,000 MW of ISTS-connected solar power projects integrated with 1,000 MW/4,000 MWh energy storage systems. It won 150 MW at a tariff of ₹3.52 ($0.0415)/kWh.

In October 2024, Sembcorp Green was among the winners of NTPC’s auction to develop 1,200 MW ISTS-connected wind-solar hybrid power projects. It won a capacity of 300 MW after quoting a tariff of ₹3.29 (~$0.0391)/kWh.

In the same month, Sembcorp Green was announced as one of the winners for SECI’s auction to develop 600 MW ISTS-connected wind-solar hybrid power projects (Tranche IX). Sembcorp won 150 MW out of the quoted capacity of 300 MW at a tariff of ₹3.26 (~$0.0388)/kWh under the bucket-filling method. The tender was floated in June 2024.