Sembcorp buys 658-MW wind, solar portfolio in China
Solar modules in China. Featured Image: zhu difeng/Shutterstock.com
June 2 (Renewables Now) - Singapore-based group Sembcorp Industries Ltd (SGX:U96) has finalised the acquisition of a majority stake in a portfolio of 658 MW of wind and solar farms in China, it announced on Wednesday.
The group, via its wholly-owned subsidiary Sembcorp Energy (Shanghai) Holding Co Ltd, bought a 98% interest in the portfolio from China’s private equity infrastructure fund CGN Capital Partners Infrastructure Fund III and its affiliates. According to an earlier announcement, Sembcore was to acquire its interest for CNY 3.3 billion (USD 494.4m/EUR 462.6m), net of external debt financing.
The portfolio contains 240 MW of solar and 417.5 MW of wind farms, all commissioned and contracted.
Following the transaction, Sembcorp now has 6.8 GW of gross renewables capacity in operation and under development around the world, the energy company said. Its target under the “brown to green” transformation strategy is to reach 10 GW of installed renewables by 2025.
In China, Sembcorp has 56 wind and solar assets in operation and under development totalling 3.6 GW, it added.
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