Integrated energy player Sembcorp will infuse about Rs 5169 million in its arm Sembcorp Energy India Limited (SEIL) against issuance of 275 million new equity shares to its wholly-owned subsidiary Sembcorp Utilities.
The equity injection—to support the growth of India renewable energy business—will be funded through a mix of internal funds and borrowings, taking the Singapore based promoter’s collective stake in SEIL from 93.73% to 94.05%.
The balance of the shares in SEIL is owned by Sembcorp Utilities’ local partner, Gayatri Energy Ventures.
SEIL—formerly Thermal Powertech Corporation India—is an independent power producer with a wind and solar power portfolio of more than 1,700 MW, including 550 MW currently in development. Its solar assets are located in the states of Rajasthan and Gujarat.
Late last year, it became the first company to deliver a wind farm—which was won in an auction by Solar Energy Corporation of India—ahead of schedule. It is now making progress in the development of two additional wind power projects, which were also won in the nationwide wind tenders.
SEIL’s promoter Sembcorp has wind and solar assets in Singapore and China in addition to India. Its gross renewable energy capacity stands at 2,600 MW including both operational and under development.