Markets & Policy

Sembcorp completes acquisition of 300 MW solar project in India

Sembcorp Industries has closed a full buyout of a grid-connected solar facility in western India, adding a long-term contracted 300 MW asset to its renewable energy operations in the country.
Uma Gupta
By
Uma Gupta
Image: Dennis Schroeder

From pv magazine India

Sembcorp Industries has completed the acquisition of a 300 MW solar project in the Indian state of Rajasthan.

The Singapore-based group said it acquired a 100% stake in ReNew Sun Bright, which owns and operates the Fatehgarh solar project, through its wholly owned subsidiary Sembcorp Green Infra, for approximately SGD 246 million ($191.6 million).

The project achieved commercial operation in November 2021 and is connected to India’s national grid through the inter-state transmission system. Power from the facility is sold under a 25-year power purchase agreement (PPA) with Maharashtra State Electricity Distribution Co. Ltd.

Following the transaction, Sembcorp’s renewable energy capacity installed and under development in India exceeds 7.6 GW. The company’s global renewables portfolio totals 20.2 GW, including assets pending completion.

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