Sembcorp eyes ReNew’s green energy projects
NEW DELHI : Singapore’s Sembcorp Industries Ltd is in talks to acquire green energy projects totalling 1.1 gigawatts (GW) from ReNew Energy Global Plc, with the deal estimated to be valued at $1.2 billion at the enterprise level and around $450 million in terms of equity, two people familiar with the development said. Mint had earlier reported that Ahmedabad-based Torrent Power had submitted a non-binding offer for the same projects comprising solar and wind power assets of 350 megawatts and 750MW, respectively. Sembcorp and Torrent Power had been vying for the acquisition of India Infrastructure Fund II, a private equity firm owned by US’s Global Infrastructure Partners, to buy Vector Green Energy Private Ltd, which Sembcorp Green Infra Ltd eventually acquired for an equity value of S$474 million, or $345 million.
“Sembcorp is doing due diligence. Torrent is interested in the assets as well," said one of the two people cited above, seeking anonymity. Sembcorp, which is listed on the Singapore Exchange, has an energy portfolio of 18.5GW, of which 11GW is renewable energy projects, including wind, solar, and energy storage.
Of this, its installed and under-development renewables portfolio in India is at 3GW, including 1GW solar assets and 2GW wind assets. The firm is further increasing its investments in India’s green energy sector after the sale of Sembcorp Energy India Ltd to Tanweer Infrastructure Pte. Ltd for ₹11,700 crore.
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