Sembcorp Industries (Sembcorp) has been awarded a 150-megawatt (MW) wind-solar hybrid power project in India through its wholly-owned renewables subsidiary Sembcorp Green Infra, according to a release on Oct 17.
Sembcorp was awarded the project from the Solar Energy Corporation of India (SECI), and this build-own-operate project is part of a 600MW bid issued by the corporation.
The release notes that subject to the execution of a power purchase agreement (PPA) and upon completion of the project, power output from the project will be sold to SECI under a 25-year-long term PPA. The project is expected to be ready for commercial operation within 24 months from the signing of the PPA and will be funded through a mixture of internal funds and debt.
This brings Sembcorp’s gross renewable portfolio in India to 4.9 gigawatts (GW), and the firm’s gross renewable capacity globally to 14.6GW, including a 49MW acquisition pending completion.
Sembcorp says that the project 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 Dec 31.
As at 9.09am, shares in Sembcorp Industries U96 are trading flat at $5.50.
