Sembcorp acquires 100% stake in GIP-backed Vector Green for Rs 2,780 cr

Vector has a total portfolio of 583 Mw across 13 states; deal will take Sembcorp's gross renewable assets in India to 3 Gw

Singapore-listed utility company Sembcorp Industries on Sunday said it will acquire clean energy platform Vector Green Energy for Rs 2,780 crore to expand its renewable energy footprint in India to 3 gigawatts (Gw).

The portfolio includes 495 megawatt (MW) of solar capacity and 24MW of wind capacity in operation, with 64MW of solar projects under development. With this cquisition, Sembcorp’s gross renewables portfolio installed and under development in India will touch 3 gigawatt (GW), comprising 1GW of solar assets and 2GW of wind assets, said the company.

Sembcorp said the acquisition will be funded through internal cash resources and external borrowings.

Wong Kim