It is expected to bring the group’s gross renewables capacity in the country to almost 6 GW
SEMBCORP Industries’ wholly owned renewables subsidiary, Sembcorp Green Infra, was awarded a build-own-operate project by India’s public sector company, Solar Energy Corporation of India.
Comprising a 150 megawatt (MW) solar photovoltaic project and a 300 MW-hour battery energy storage system (Bess), this represents Sembcorp’s first solar and Bess hybrid project in India.
On Wednesday (Dec 18), Sembcorp said the agreement comes as part of a bid for two-gigawatt (GW) inter-state transmission system-connected solar power projects with 4 GW-hour of Bess.
Assuming a power purchase agreement is executed and that the project is completed, the Bess will provide on-demand power to support daily peak electricity for four hours over a 25-year period.
The project is expected to be commercially operational within two years from the date the agreement is signed, and it will be funded through a mixture of internal funds and debt.
It is expected to bring Sembcorp’s gross renewables capacity in India to almost 6 GW, including more than 2 GW of greenfield projects which the group won in 2024.
Including a 49 MW acquisition that is yet to be completed, Sembcorp said the latest hybrid project will bring its global renewables capacity to 16.5 GW in total.
The group does not expect the project to have a material impact on its earnings per share, or net tangible assets per share, for the financial year ending Dec 31, 2024.
Shares of Sembcorp closed on Tuesday S$0.09 or 1.6 per cent lower at S$5.40.
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