A new strategic plan from Sembcorp Industries will see the Singapore-based energy company aim to increase its renewables capacity almost fourfold to 10GW by 2025.
The move forms part of an effort to transform the firm’s portfolio “from brown to green”, as it bids to halve greenhouse gas emissions by 2030 and deliver net zero emissions by 2050.
Sembcorp’s current installed renewables capacity – comprising solar, wind and energy storage – stands at 2.6GW, with wind making up the majority.
Its operational and under-development solar portfolio is 775MW, consisting of utility-scale, rooftop and floating PV plants in three markets: India, where it has 35MW in operation and 400MW under development; Vietnam, with 37MWp contracted capacity; and Singapore, where its contracted capacity is 371MWp.
The company is currently constructing a 60MW floating solar project on a reservoir in Singapore that will feature 122,000 modules and is expected to be operational in the second half of this year.
Last November, Sembcorp’s Indian unit, Green Infra Wind Energy, was one of two companies that posted a record-low bid in a solar auction in India, picking up 400MW of capacity in the state of Rajasthan with a bid of INR2/kWh (US$0.0270/kWh). This record was then beaten a month later, with four companies bidding INR1.99/kWh in a solar auction in Gujarat.
As part of Sembcorp’s transformation plan, the firm has committed to not invest in new coal-fired energy assets. It currently has more than 9.5GW of “conventional power capacity” in markets such as China, India, Singapore and the UK.
“With our proven track record across Asia and capabilities across various segments of the renewables and urban solutions sectors, Sembcorp is well-positioned to be a leading pan-Asian provider of sustainable solutions,” said Wong Kim Yin, CEO of Sembcorp Industries.