Singapore’s Sembcorp raises stake in Indian renewable energy co to 72%
Singapore-based power producer Sembcorp Industries Ltd has increased shareholding in its India-focused renewable energy company Sembcorp Green Infra to 72 per cent for S$21.4 million ($15.7 million). The investment is aimed at funding the company’s growth in the renewable sector in India Under the terms of the deal, Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities, subscribed to an entire rights issuance by Sembcorp Green Infra. The investment included the portion of the rights issuance that was not subscribed to by its partner IDFC Private Equity Fund III, the Singapore’s state-linked conglomerate said in a release. “As a result of the partner’s non-participation in the rights issuance exercise, Sembcorp Utilities’ stake in Sembcorp Green Infra has increased to approximately 72%,” it said. According to information on the company’s website, Sembcorp had owned 70.38 per cent of Sembcorp Green Infra prior to this deal, while the remaining was held by IDFC Private Equity Fund III. Sembcorp had marked its entry into the Indian renewable energy space, in February 2015, when it acquired a 60 per cent stake in IDFC Alternatives Ltd-backed renewable energy firm Green Infra Ltd for S$227 million ($158 million at the time). At the time of the acquisition, Green Infra had solar and wind energy assets worth 516MW.