Sembcorp's renewables unit wins round-the-clock power project from Indian public sector company
[SINGAPORE] Sembcorp Industries on Thursday (Jun 12) announced that its wholly owned renewables subsidiary Sembcorp Green Infra was awarded a round-the-clock power project from Solar Energy Corporation of India (SECI), an Indian public-sector company.
Under the build-own-operate project, Sembcorp will integrate around 300 megawatts of installed capacity that comprises solar and wind energy as well as battery energy storage solutions, to meet a contracted capacity.
Once the project is complete, it will then supply round-the-clock renewable power, supported by battery energy storage solutions, to SECI. This is subject to the execution of a 25-year power purchase agreement with SECI.
The project is expected to be ready for commercial operations within 24 months from the date the agreement is signed, Sembcorp said. It will be financed through a mix of internal funds and debt.
With the project, Sembcorp will expand its renewables capacity in India to more than 6.5 gigawatts (GW). The group said its global renewables portfolio has reached 18 GW, including acquisitions pending completion.
Sembcorp said the award of the project is not expected to have material impact on its earnings per share and net tangible assets per share for the fiscal year ending December.
Shares of Sembcorp were trading 0.3 per cent or S$0.02 higher at S$6.77 as at 12.58 pm on Thursday.
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