Sembcorp to buy ReNew's 300 MW solar power unit

New Delhi: Singapore-headquartered Sembcorp Industries has acquired a 300 MW solar power project in Rajasthan from ReNew Energy Global Plc at an enterprise value of $191 million, the two companies separately announced on Wednesday.

Sembcorp's subsidiary, Sembcorp Green Infra, signed a deal with ReNew to purchase the solar asset, which began commercial operations in November 2021 and is connected to the national grid. The project operates under a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company.

ReNew, listed on Nasdaq, said the transaction is expected to generate about $98 million in cash inflow.


Sembcorp said the acquisition will be funded through a mix of internal cash resources and external borrowings, with completion targeted in the first half of 2026.

The deal will lift Sembcorp's gross renewable energy capacity in India to 6.9 GW, including projects under development. Globally, the company's gross renewable capacity will rise to 19.3 GW, factoring in acquisitions pending completion.

ReNew, among India's largest renewable energy players, has been following a capital recycling model, selling assets to infuse capital in new projects.