Sembcorp Industries to acquire $700m of wind, solar assets in China
The total gross installed capacity of the assets total 658MW.
Sembcorp Industries announced that it has, through its wholly-owned subsidiary, Sembcorp Energy Shanghai Holding, signed a sale and purchase agreement to acquire a 98% interest in a portfolio of operational wind and solar assets from CGN Capital Partners Infrastructure Fund III and its affiliates. The purchase, net of external debt financing, is approximately worth $700m (RMB 3.3b).
With a total gross installed capacity of 658MW, the portfolio of wind and solar assets will provide Sembcorp with a scalable renewable platform to drive further growth in China. Located in energy demand centres Hebei, Henan, and Shandong provinces, the assets are contracted and are eligible for fixed feed-in tariffs under the China renewable energy policy.
"The acquisition of this renewables growth platform in China is an important step towards our target to have 10GW of gross installed renewables capacity by 2025. We are focused on the execution of our growth strategy across our markets to achieve our brown to green transformation," said Sembcorp Group CEO Wong Kim Yin.
CGN Capital Partners Infrastructure Fund III is an unlisted private equity infrastructure fund focused on renewable energy infrastructure assets in China.
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