July 12 (Renewables Now) - Singapore-based Sembcorp Industries Ltd (SGX:U96) on Wednesday announced it has made an INR-5.17-billion (USD 75.4m/EUR 66.9m) equity investment in its Indian energy subsidiary in a bid to grow its renewable energy business.
The company said in a bourse statement it has lifted its stake in Sembcorp Energy India Limited (SEIL) to 94.05% from 93.73%. The equity infusion saw Sembcorp Industries subscribe for 275 million additional shares in SEIL in a deal that it funded through a mix of internal funds and borrowings.
At present, SEIL owns an over 1.7-GW portfolio of wind and solar assets, including 550 MW in development. In October 2018, it completed a 250-MW wind farm in Tamil Nadu that was contracted in a tender round held by the Solar Energy Corporation of India (SECI) and is currently working on two other wind schemes secured in nationwide tenders at home.
The shares that Sembcorp does not own in SEIL are held by Sembcorp Utilities Pte Ltd’s local partner Gayatri Energy Ventures Pvt Ltd. As previously announced, Sembcorp postponed SEIL's initial public offering (IPO) in India that was planned to include a fresh issue of up to INR 40.95 billion of shares and up to about 146.8 million shares offered by current shareholders. The Singaporean firm said last month it will re-file a revised prospectus for the listing at an appropriate time in 2019, depending on market conditions.
(INR 0 = USD 0.146/EUR 0.129)