Oman Investment Corporation Consortium Acquires Sembcorp Energy India | New

Sembcorp Industries is selling its energy activities in India to a consortium led by Oman Investment Corporation (OIC), the Ministry of Defense Pension Fund, Oman and Dar Investment for INR 117 billion (€1.42 billion).

Singapore-headquartered Sembcorp has agreed to sell Sembcorp Energy India Limited (SEIL) to Tanweer Infrastructure. SEIL is one of the largest independent power producers in India, operating two coal-fired power plants totaling 2.6 GW.

The SGX-listed energy and urban development company said the sale of SEIL will reduce its greenhouse gas (GHG) emissions intensity from 0.51 tCO2e/MWh to 0.32 tCO2e/MWh and enable Sembcorp to achieve its 2025 target of reducing its GHG emissions intensity to 0.40 tCO2e/MWh ahead of schedule.

After the divestiture is complete, 51% of Sembcorp’s power capacity will be renewables, up from 43% previously, the company said.

Wong Kim Yin, Group Chairman and CEO of Sembcorp, said, “The sale of SEIL accelerates the transformation of Sembcorp’s portfolio from brown to green, while protecting the interests of all stakeholders.

“OIC is a trusted and reliable long-term partner, and we are confident that SEIL will continue to provide reliable services to its electricity distribution customers, as well as maintain stable relationships with suppliers, communities and the employees. The innovative GHG emission intensity reduction incentive rate also underlines our commitment to the sustainable energy transition.

Kalat Al Bulooshi, CEO of Oman Investment Corporation, on behalf of Tanweer Infrastructure, said, “We are committed to providing electricity to our customers continuously and efficiently and to working with our team of dedicated employees to factory, our stakeholders such as utility customers and the local community, to achieve their goals.

“The availability of electricity for households and industries is of vital importance in today’s world of energy uncertainties.”

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