Sembcorp buys private-equity stake in Indian renewables venture
Sembcorp Industries' subsidiary Sembcorp Utilities will acquire IDFC Private Equity Fund III's stake in Sembcorp Green Infra (SGI) for INR14.1bn ($220m) to take complete control of the company. In August, Sembcorp raised its stake in SGI to 72% for INR1bn. As the full owner of SGI, Sembcorp Industries will develop renewable power generation and deliver more sustainable electricity to its customers, said Sembcorp group president and CEO Neil McGregor. SGI's combined wind and solar power capacity in operation and under development comes to almost 1,200 MW.
Sembcorp Industries (Sembcorp) will invest $301 million to increase its stake in a renewable energy business in India.

Sembcorp's wholly-owned subsidiary Sembcorp Utilities has agreed to acquire IDFC Private Equity Fund III's remaining stake in Sembcorp Green Infra (SGI) for 14.1 billion rupees (approximately S$301 million).

This comes after Sembcorp Utilities had raised its stake in SGI to 72 per cent for one billion rupees in August this year.

Sembcorp said SGI is one of the largest renewable energy providers in India, operating in seven states there.

It was awarded 250MW in India's first national wind power tender earlier this year, reflecting the strength of its capabilities, said Sembcorp.

"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 per cent owner, and increase our investment in a wind and solar generation portfolio that strongly complements our thermal power assets in the country," said Sembcorp group president and chief executive Neil McGregor.