Singapore-based renewable energy company Sembcorp Industries has signed two separate agreements to acquire 428 MW of wind power assets in India and China for SGD 200 million (nearly Rs 1,247 crore) through its subsidiaries, Sembcorp Energy (Shanghai) Holding and Green Infra Wind Energy (GIWEL).

In its first agreement, GIWEL will acquire 228 MW of operational wind power assets of Leap Green Energy, an independent power producer (IPP) in Tamil Nadu, for SGD 70 million. Under this agreement, GIWEL will acquire 100 percent of the share capital in two special purpose vehicles (SPVs) from Leap Green Energy. SPVs own 228 MW of operational wind assets in Madhya Pradesh, Maharashtra and Rajasthan.

Sembcorp Energy (Shanghai) Holding has signed a second agreement with Envision Energy to acquire 100 percent of the share capital in Qinzhou Yuanneng Wind Power (Qinzhou Yuanneng) for an equity consideration of about SGD130 million. Qinzhou Yuanneng owns 200 MW of operational wind assets in Guangxi, China.

The company has been operating in India for over 12 years, with a presence across 18 states. With this acquisition, the company has a balanced portfolio of 3.7 GW renewable assets, comprising 2.25 GW wind and 1.45 GW solar assets. Last year, it announced the acquisition of Vector Green to add 583 MW of renewable assets in the country.

Sembcorp has inked pacts to secure 673 MW of renewables capacity since it announced its 2028 vision to reach 25 GW of gross installed renewables capacity. Further, the acquisitions, which will be funded through a mix of internal cash resources and external funding, are expected to be completed by the first half of 2024.