SGI is one of the largest renewables players in India. Credit: Yogendra
Sembcorp Industries’ wholly-owned subsidiary Sembcorp Utilities has agreed to acquire IDFC Private Equity Fund III (IDFC)’s remaining stake in Sembcorp Green Infra (SGI), for INR14.1 billion (US$220 million).
SGI is one of the largest renewables players in India and now Sembcorp will be its sole owner. It is present in seven states with nearly 1.2GW of wind and solar power capacity in operation and under development.
Neil McGregor, group president & CEO of Sembcorp Industries, said: “Buying IDFC’s stake in SGI reaffirms Sembcorp’s commitment to a long-term presence in India. The deal will allow us to drive SGI’s growth as the 100% owner, and increase our investment in a wind and solar generation portfolio that strongly complements our thermal power assets in the country. Strengthening our investment in renewables will also help us stay abreast of advances in greener power generation, and will enable us to deliver electricity to our customers in an increasingly sustainable manner.”
The PV IndiaTech 2020 conference will continue to bring together all key domestic and overseas stakeholders, including government bodies, investors, and the leading companies today from manufacturing to O&M and asset management. To thrive globally as a major PV power beyond 2020, India has to succeed in unlocking its potential both to manufacture and to lay claim to quality utility-scale solar farms that are providing high returns on investment to site owners.