Sembcorp Utilities (SCU), a wholly-owned subsidiary of Sembcorp Industries, has entered into a share purchase agreement to sell 100% of the shares of Sembcorp Energy India Limited (SEIL) to Tanweer Infrastructure for a total consideration of INR117bn (US$1.5bn). SEIL owns and operates two supercritical coal-fired plants in India totaling 2.6 GW.
Upon completion of the sale, renewables will weight for 51% of Sembcorp’s total capacity, up from 43%. Sembcorp will have an energy portfolio of 14 GW, with 7.1 GW of renewable energy capacity comprising solar, wind and energy storage globally. Tanweer Infrastructure is indirectly owned by a consortium led by Oman Investment Corporation (OIC), the Omani Ministry of Defence Pension Fund, and Dar Investment SPC.