Sembcorp, which has invested $4 billion in India, plans to focus on green energy investments in India amid the country undertaking the world’s largest clean energy transition. In September, the Singaporean company announced plans to sell Sembcorp Energy India Ltd (SEIL), which operates two supercritical coal-fuelled power projects totalling 2.6GW, to Tanweer Infrastructure Pte Ltd for ₹11,700 crore. Once the transaction with Tanweer is over, Sembcorp will have an energy portfolio of 14GW, of which 7.1 GW will be renewable energy from wind, solar and energy storage projects. In addition, Sembcorp, through unit Sembcorp Green Infra Ltd (SGIL), has a 1.051GW wind energy capacity in India.
“The deal has been finalized," said a person cited above requesting anonymity.
A Standard Chartered spokesperson declined to comment.
Queries emailed to the spokespeople for Sembcorp Industries Ltd, Global Infrastructure Partners, and Vector Green Energy late Tuesday night remained unanswered till press time. Investors have been attracted by India’s climate action plan, with the country having an installed renewable energy capacity of 163GW and green energy projects registering a foreign direct investment of around $78 billion. India has an installed capacity of wind and solar energy of 41.205GW and 59.303GW, respectively, according to data from the power ministry. The plan involves setting up a 100GW renewable energy equipment capacity and around ₹30 trillion investment in the space by 2030, translating to around 3.4 million green jobs. Large clean energy deals are also back in play. Some of these deals, as reported by Mint, are; private equity firm TPG looking to sell its stake in renewable energy company Fourth Partner Energy Pvt. Ltd, Malaysia’s state-run oil and gas giant, Petroliam Nasional Bhd or Petronas in talks with ReNew Energy Global PLC for setting up green energy projects in India through joint ventures, and private equity firm Actis LLP pacing the winning bid for Kolkata-based Atha Group’s 400 MW solar power assets.
