Sembcorp Industries is to acquire Mumbai-based energy producer Vector Green Energy for $345 million from a fund managed by the Indian unit of private equity firm Global Infrastructure Partners, according to a report by Deal Street Asia.
The report cites a Sembcorp statement as revealing that the acquisition, which will be made through the company’s Sembcorp Green Infra subsidiary, brings the group’s gross renewables portfolio, including assets installed and under development, in India to 3GW.
Upon completion of the acquisition, which will be funded by internal cash resources, as well as external borrowing, Sembcorp’s gross renewable energy capacity will increase to 8.5GW. The Singapore firm has set itself a target of reaching 10GW by 2025.
