Sembcorp Industries (Sembcorp), through its wholly-owned renewables subsidiary Green Infra Wind Energy Limited (GIWEL), has received the Letter of Award for a 450MW Inter State Transmission System (ISTS) connected wind-solar hybrid power project (the Project) from Solar Energy Corporation of India Ltd (SECI). The build-own-operate Project is part of a 2GW bid issued by SECI to develop ISTS-connected wind-solar hybrid power projects throughout India.
Upon completion, power output from the Project will be sold to SECI under a 25-year long-term power purchase agreement. The Project is expected to be ready for commercial operation within 24 months from the date of the signing of the power purchase agreement and will be funded through a mixture of internal funds and debt.
With this award, Sembcorp’s gross renewables portfolio in India stands at 4.2GW. This brings Sembcorp’s gross renewables capacity globally to 13.5GW, including 473MW of acquisitions pending completion.
The award of the Project is in the ordinary course of business and is not expected to have a material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending December 31, 2024.
