Sembcorp To Acquire India's ReNew Solar Unit To Boost Renewables Portfolio

Reuters

10/08

Sembcorp to acquire India's ReNew solar unit to boost renewables portfolio

Oct 8 (Reuters) - Singapore's Temasek-backed Sembcorp Industries SCIL.SI said on Wednesday its subsidiary has signed a share purchase agreement to acquire ReNew Pvt Ltd's solar energy unit for about S$246 million ($190.02 million) to bolster its renewable energy portfolio in India.

WHY IT'S IMPORTANT

The deal comes at a time when India is looking to boost investments in renewable energy to meet its 500-gigawatt (GW) capacity of clean energy target by 2030 from the current 165 GW.

Upon completion, Sembcorp's gross renewable energy capacity installed and under development in India will reach 6.9 GW.

CONTEXT

The unit ReNew Sun Bright, part of Nasdaq-listed ReNew Energy Global, operates a 300 MW solar power plant located in India's northwestern state of Rajasthan.

The project commenced commercial operations in November 2021 and operates under a 25-year power purchase agreement with the state government's electricity company.

($1 = 1.2946 Singapore dollars)

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Vijay Kishore)

((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))

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Editing by Vijay Kishore)</p><p> ((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2249611893.SGD","symbol_name":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20251008:nL3N3VP0RE:1","article_id":"2573891921","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2573891921","pubTimestamp":1759931463,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"Sembcorp to acquire India's ReNew solar unit to boost renewables portfolioOct 8  - Singapore's Temasek-backed Sembcorp Industries SCIL.SI said on Wednesday its subsidiary has signed a share purchase agreement to acquire ReNew Pvt Ltd's solar energy unit for about S$246 million  to bolster its renewable energy portfolio in India.WHY IT'S IMPORTANTThe deal comes at a time when India is looking to boost investments in renewable energy to meet its 500-gigawatt  capacity of clean energy target by 2030 from the current 165 GW.Upon completion, Sembcorp's gross renewable energy capacity installed and under development in India will reach 6.9 GW.CONTEXTThe unit ReNew Sun Bright, part of Nasdaq-listed ReNew Energy Global, operates a 300 MW solar power plant located in India's northwestern state of Rajasthan.The project commenced commercial operations in November 2021 and operates under a 25-year power purchase agreement with the state government's electricity company.  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