Sembcorp to Invest Equity Worth Rs 516.9 Crores in SEIL to boost RE Business

Sembcorp Industries has announced the infusion of equity worth Rs 516.9 crore into its India arm Sembcorp Energy India (SEIL) to upkeep its renewable energy business in the country. The equity booster is funded through a mix of internal funds and borrowings; Sembcorp has said.

The equity infusion results in the subscription to 275 million additional shares in the SEIL by the Sembcorp's wholly-owned subsidiary, Sembcorp Utilities (SCU), the company statement said.

With this infusion of about Rs 516.9 crore into the SEIL to support the growth of its India renewable energy business, Sembcorp's operative stake in the energy arm has augmented from 93.73 per cent to 94.05 per cent, it added.

The balance of the shares in the SEIL is held by SCU's local partner, Gayatri Energy Ventures.

SEIL is one of the prominent independent power producers (IPP) in India with a balanced portfolio of thermal and renewable energy assets totalling approximately 4.37 GW capacity in operation and under construction.

SEIL, which has operating assets across seven states in India, owns 100 per cent of Sembcorp Green Infra. It has a wind and solar power portfolio of more than 1,700 megawatts.

Late last year, SEIL became the first company to deliver a 250 MW wind farm project ahead of schedule. SEIL had secured the project in an auction conducted by the state-run Solar Energy Corporation of India (SECI).

Business | News published on 10/07/2019 by Moulin

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