Sembcorp buys majority stake in Green Infra

 Sembcorp Utilities, a wholly-owned subsidiary of Singapore-based Sembcorp Industries, has signed agreements to acquire a 60 per cent stake in Green Infra, a renewable energy company in India with a wind and solar portfolio. This acquisition marks Sembcorp’s entry into India’s attractive renewable energy market, and is a major step in the company’s strategy to grow its renewable energy business.
Sembcorp signed a shareholders’ agreement and a share purchase agreement with IDFC Private Equity Fund II and IDFC Private Equity Fund III, to invest in a 60 per cent stake in Green Infra for ` 1,060 crore. The investment will be held through Sembcorp Renewables, a wholly-owned subsidiary of Sembcorp Utilities.
IDFC Private Equity Fund III, which is managed by IDFC Alternatives, will continue to hold the remaining 40 per cent stake in Green Infra. IDFC Alternatives is indirectly wholly-owned by IDFC Limited, which is listed on the Bombay Stock Exchange and is 16.4 per cent owned by the government of India.
Tang Kin Fei, Sembcorp Group President & CEO, said, “This acquisition will provide Sembcorp with a platform to grow our renewable energy business. Green Infra’s strong capabilities and experienced team will help to accelerate our growth in the renewable energy sector not only in India, but globally. Meanwhile, with investments in both thermal and renewable energy, Sembcorp is well-positioned for growth in the energy sector with a balanced portfolio of energy assets.”
One of the leading renewable energy groups in India, Green Infra adds to Sembcorp a sizable 516-MW operating asset portfolio. It also holds assets under development that will bring its total installed power capacity to 700 MW by 2015.

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