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					</table><p>Singapore-based renewable energy company <a href="https://www.sembcorp.com/en/" target="_blank" rel="noopener">Sembcorp</a>’s wholly-owned subsidiary <a href="https://www.sembcorpenergyindia.com/giwel" target="_blank" rel="noopener">Sembcorp Green Infra Limited</a> has entered into an agreement with India Infrastructure Fund II, managed by Global Infrastructure Partners, to acquire 100% of <a href="https://www.vector-green.com/" target="_blank" rel="noopener">Vector Green</a> in a ₹27.8 billion ($474 million) deal.</p>
<p>Including Vector Green, Sembcorp’s gross renewables portfolio installed and under development in India will total 3 GW, comprising 1 GW of solar and 2 GW of wind assets. The acquisition would be funded through internal cash resources and external borrowings.</p>
<p>Vector Green is an independent power producer with renewable power generation assets across 13 Indian states. The company’s portfolio includes 495 MW of solar and 24 MW of wind projects in operation and 64 MW of solar projects under development.</p>
<p>&#8220;Sembcorp remains committed to growing its renewables portfolio in India, one of the fastest growing renewables markets in the world. This acquisition is aligned with the Group’s brown-to-green transformation strategy. With the completion of this acquisition, Sembcorp&#8217;s gross renewable energy capacity will increase to 8.5 GW, pushing us closer towards our 2025 target of 10GW,&#8221; Wong Kim Yin, Group President &amp; CEO of Sembcorp Industries, said.</p>
<p>Vipul Tuli, CEO of South Asia, Sembcorp, added: “This acquisition brings significant utility-scale solar capacity to our India business, which will complement our existing wind portfolio. It also broadens and deepens our renewable energy capabilities and presence across states in India and positions us well for further green growth in the country.”</p>
<p>Completion of the acquisition is subject to customary closing conditions and is likely to be done by the first quarter of 2023.</p>
<p>In October last year, Vector Green <a href="https://mercomindia.com/vector-green-11-billion-loan-ireda/" target="_blank" rel="noopener">received</a> a loan of ~₹11 billion (~$135.57 million) from the Indian Renewable Energy Development Agency (IREDA), the highest-ever disbursement to a single company in a day. The loan was to be utilized for the company’s six operational projects.</p>
<p>In its bid to turn its complete portfolio from brown to green, Sembcorp’s wholly owned subsidiary Sembcorp Utilities recently entered into a share purchase agreement to sell 100% of the shares of Sembcorp Energy India to Tanweer Infrastructure, which included two supercritical coal-fired plants totaling 2.6 GW.</p>
<p>In the first half of 2022, the company <a href="https://mercomindia.com/sembcorp-profit-from-renewables-increases-by-217-in-1h-2022/" target="_blank" rel="noopener">recorded</a> a net profit of S$490 million (~$356.66 million), a year-over-year n increase of 94% compared to S$46 (~$33.48 million)</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Sembcorp to Acquire Vector Green’s Solar and Wind Portfolio of 583 MW

<p>The <a href="http://www.greenkogroup.com/" target="_blank" rel="noopener">Greenko Group</a> has entered into a definitive purchase agreement to acquire Skeiron Green Renewables. The deal will add approximately $200 million to Greenko’s EBITDA  (Earnings Before Interest, Tax, Depreciation and Amortization) in the first full year after close, with further accretion and growth anticipated thereafter.</p>
<p>This comes on the heels of Greenko <a href="https://mercomindia.com/greenko-acquires-orange-renewables/" target="_blank" rel="noopener">acquiring</a> approximately 907 MW of operational solar and wind projects from Orange Renewables and over 500 MW of assets under development.</p>
<p>According to the company, the combined deal of Orange and Skeiron will add about 1,300 MW operating and near completion wind and solar assets and increase Greenko’s overall operational capacity to about 4.5 GW of a well-diversified and de-risked portfolio of wind, solar, and hydro.</p>
<p>Greenko has an additional under-construction capacity of over 8 GW, as well as largely integrated renewable energy projects, which will take its total operating capacity to about 12 GW.</p>
<p>Greenko believes that the combination of its existing hydro, solar and wind projects with a 24/7 on demand schedulable renewable power (SPOD) strategy to help Indian power distribution companies is the right next step in its growth trajectory.</p>
<p>“The proposed acquisition of Skeiron and completion of Orange Renewable assets are expected to drive capacity, revenue, EBITDA and overall earnings growth potential for Greenko and its stakeholders. Indian energy markets are transitioning from deficit markets to demand driven contracts requiring reliable, flexible and cost competitive energy. Greenko is focused on building integrated renewable energy assets with storage, which can compete with conventional energy assets like thermal in quality, quantity and cost,” said Anil Chalamalasetty, managing director of Greenko in an issued statement.</p>
<p>When completed, this will be Greenko’ third acquisition in India, and the second in this year alone. In <a href="https://mercomindia.com/greenko-completes-sunedison-india-acquisition/" target="_blank" rel="noopener">November 2016</a>, Greenko had completed the acquisition of SunEdison’s 587 MW Indian wind and solar projects for a cash payment of $42 million and assumption of project-level debt of $350 million (at an average interest rate of 11.3 percent). The enterprise value of the transaction was approximately $392 million.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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Greenko Group Set to Acquire Skeiron’s Renewable Assets in a $200 Million Deal

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