- The project’s entire output will be sold to SECI under a 25-year long-term power purchase agreement
- It is expected to be ready for commercial operation by mid-2022
Sembcorp Energy India (SEIL), a wholly-owned subsidiary of Sembcorp Industries, said it has won a bid for a new 400 megawatt (MW) solar power project in Rajasthan. It was won through its renewables subsidiary, Sembcorp Green Infra, in an auction conducted by the Solar Energy Corporation of India (SECI).
It will be connected to the state’s transmission utility Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN). The project’s entire output will be sold to SECI under a 25-year long-term power purchase agreement. It is expected to be ready for commercial operation by mid-2022. The project will be funded through a mixture of internal funds and debt.
Renewables portfolio of over 3,000MW in operation
Wong Kim Yin, Group President & CEO, Sembcorp Industries, said, “Sembcorp is committed to providing sustainable solutions. We are pleased to secure the 400MW utility scale solar project in Rajasthan, another step towards transforming our portfolio. Sembcorp has an established track record in delivering world-class power projects. This is backed by our strong capabilities in development, execution and operations. India is a key market and we will continue to provide sustainable solutions to contribute to the nation’s clean energy mission.”
With this win, it has a renewables portfolio of over 3,000MW in operation and under development across Singapore, China and India as per the company. The award of the solar project is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the financial year ending December 31, 2021.
