Sembcorp Buys 658MW Of Wind And Solar Portfolio Projects in China
Jun 06, 2022
Singapore's Sembcorp Industries Ltd announced on Wednesday (June 1) that it has completed the acquisition of a majority stake in a portfolio of 658 MW wind and solar power plants in China.
The group, through its wholly-owned subsidiary Sembcorp Energy (Shanghai) Holdings Ltd., purchased a 98% stake in the portfolio from Chinese private equity infrastructure fund CGN Capital Partners infrastructure fund III and its affiliates. According to an earlier announcement, Sembcorp will acquire its interest for 3.3 billion yuan ($494.4 million/€462.6 million), net of external debt financing.
The portfolio includes 240 MW of solar power plants and 417.5 MW of wind power plants, both commissioned and contracted.
Following the transaction, Sembcorp now has a total renewable energy capacity operating and developing globally of 6.8 GW, the energy company said. Its target under its "brown to green" transition strategy is to reach 10 GW of installed renewable energy capacity by 2025.
In China, Sembcorp has 56 wind and solar assets in operation and development totaling 3.6 GW, the company added. (1.0 RMB = 0.15 USD / EUR 0.14)
