Sembcorp secures 450MW wind-solar hybrid power project in India from SECI
In a significant stride towards bolstering its renewable energy footprint, Sembcorp Industries, through its wholly-owned renewables subsidiary Green Infra Wind Energy Limited (GIWEL), has been awarded a prestigious 450MW wind-solar hybrid power project by the Solar Energy Corporation of India Ltd (SECI). This project marks a notable advancement in the development of Inter State Transmission System (ISTS) connected wind-solar hybrid power projects across India, contributing to the country’s sustainable energy goals.
Project Details and Implications
The project, part of a larger 2GW bid by SECI, aims to enhance ISTS-connected wind-solar hybrid power infrastructure throughout India. Sembcorp’s involvement underscores the company’s commitment to supporting India’s renewable energy ambitions. The project’s power output is destined for SECI under a 25-year power purchase agreement, signifying a long-term commitment to clean energy generation. Scheduled for commercial operation within 24 months from the power purchase agreement’s signing, the project demonstrates the rapid pace of renewable energy developments in India. It will be funded through a blend of internal resources and debt, showcasing Sembcorp’s strategic approach to financial management and project execution.
Sembcorp Expands Renewable Energy Portfolio with a Major Wind-Solar Hybrid Project
Sembcorp’s Renewable Energy Portfolio
This latest award brings Sembcorp’s gross renewable energy portfolio in India to an impressive 4.2GW, highlighting the company’s substantial contributions to India’s green energy sector. Globally, Sembcorp’s gross renewables capacity will reach 13.5GW, including pending acquisitions amounting to 473MW. This expansion reflects Sembcorp’s global strategy to invest in renewable energy and its commitment to sustainable development.
Business Impact
Sembcorp has stated that the award of this project is part of its ordinary business operations and is not expected to materially impact its earnings per share or net tangible assets per share for the financial year ending December 31, 2024. This indicates a well-planned growth strategy in the renewable energy sector, reinforcing Sembcorp’s position as a leading player in the global transition to sustainable energy sources.
The award of the 450MW wind-solar hybrid power project to Sembcorp by SECI is a testament to the company’s expertise and reliability in executing large-scale renewable energy projects. It not only enhances Sembcorp’s renewable energy portfolio but also aligns with global efforts to combat climate change through sustainable energy solutions. As Sembcorp continues to expand its renewable energy footprint, it sets a benchmark for innovation and sustainability in the energy sector, contributing significantly to the global shift towards cleaner, more sustainable energy sources.