Singapore-headquartered Sembcorp Industries (Sembcorp) has announced that its India arm, Sembcorp Energy India Limited (SEIL), has won a new 400 MW solar power project in the Indian state of Rajasthan.
Sembcorp won this capacity, at INR2/kWh tariff, through its renewables subsidiary Sembcorp Green Infra in a closely contested auction conducted by the Solar Energy Corporation of India (SECI).
SEIL has received the letter of award from SECI to develop the project in Rajasthan.
The project will connect to the state’s transmission utility Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN). The SECI will buy the entire solar electricity generated from the project under a long-term 25-year power purchase agreement, as per the company statement.
The project will be funded through a mixture of internal funds and debt and is expected to start commercial operation by mid-2022.
Vipul Tuli, chief executive officer-South Asia, Sembcorp Industries, said: “As a long-term player committed to India’s energy transition, we are pleased to secure the 400 MW utility scale solar project in Rajasthan. Sembcorp has established a track record of delivering world-class power projects within timelines. We are confident of delivering this project, thanks to strong support from central and state government agencies and our business partners. India is a key market for Sembcorp, where we will continue to contribute to the nation’s clean energy mission. With this win, we have moved into our next phase of growth.”
Since entering the Indian market in 2011, SEIL has established itself as a reliable independent power producer in the country. With a presence across nine states, SEIL owns and operates 35 assets with a total power capacity of 4,370 MW, including 1,730 MW of renewables.
After Singapore, India is the second-largest revenue generator for the integrated energy player Sembcorp Industries. In the year 2019, it earned overall revenues of S$9618 million, of which S$1625 million came from the power business of Sembcorp Energy India Limited.
With the latest win in Rajasthan, Sembcorp Industries now has a renewables portfolio of over 3 GW in operation and under development across Singapore, China and India.
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