Sembcorp acquires 35% of China-owned wind and solar assets

This will contribute to its 10GW gross installed renewable capacity by 2025.

Sembcorp Industries has signed an equity transfer agreement with China state-owned State Development Investment Corporate Group (SDIC)'s Shanghai SDIC Xieli Development Equity Fund Partnership (Xieli Fund).

Through its wholly-owned subsidiary, Sembcorp Energy (Shanghai) Holding, Sembcorp will take over 35% interest in SDIC New Energy for an equity consideration of approximately RMB1.5b (approximately $320m).

SDIC New Energy's portfolio consists of 30 operational wind and solar PV assets with a total gross installed capacity of about 1.9 gigawatts (GW) located across seven provincial regions in China. SDIC Power, the publicly-listed power arm of SDIC, holds the remaining 65% of SDIC New Energy.

CEO Wong Kim Yin said, "We are committed to achieving our group target of 10GW of gross installed renewables capacity by 2025. China is an important part of our brown to green transformation plan. We are pleased to partner with SDIC Power to grow the joint venture together. Along with our recently announced 658MW acquisition, our group expects its renewables portfolio to reach a gross capacity of 6.1GW."

The acquisition was in the ordinary course of business and not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the financial year ending 31 December 2021.

Follow the link for more news on

Sembcorp Industries

offshore energy

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia