Sembcorp Industries arm Green Infra Wind Energy has bagged a 450MW wind-solar hybrid power project from Solar Energy Corporation of India (SECI).
The build-own-operate project is part of a 2GW bid issued by the SECI to develop Inter State Transmission System (ISTS)-connected wind-solar hybrid power projects throughout India, a company statement said.
According to the statement, Sembcorp Industries, through its wholly-owned renewables subsidiary Green Infra Wind Energy Ltd (GIWEL), has received the letter of award for a 450MW ISTS-connected wind-solar hybrid power project from SECI.
Upon completion, the power output from the project will be sold to SECI under a 25-year long-term power purchase agreement.
The project is expected to be ready for commercial operation within 24 months from the date of the signing of the power purchase agreement and will be funded through a mixture of internal funds and debt.
With this award, Sembcorp's gross renewables portfolio in India stands at 4.2GW.
This brings Sembcorp’s gross renewables capacity globally to 13.5GW, including 473MW of acquisitions pending completion.
The award of the project is in the ordinary course of business and is not expected to have a material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending December 31, 2024.
This project will be the first hybrid project for Sembcorp in India. In India, Sembcorp is the first independent power producer to deliver on the SECI wind projects.
Sembcorp Industries is a leading energy and urban solutions provider, driven by its purpose to play its part in driving energy transition towards a low-carbon future responsibly. Sembcorp has a balanced energy portfolio of 21.0GW, with 13.5GW of gross renewable energy capacity globally.
The company is also an urban developer with a portfolio spanning over 14,000 hectares across Asia and has a proven track record of transforming raw land into urban developments.