Sembcorp buys Vector Green Energy for Rs 2,780 crore
Singapore-listed utility company Sembcorp Industries Ltd 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).
Vector Green Energy, owned by funds managed by the Indian subsidiary of Global Infrastructure Partners, has 519 megawatts (MW of operational (495 MW solar and 24 MW wind) and 64 MW of solar projects under development. The firm reportedly also has 1GW of investment-ready assets in the pipeline.
The completion of the acquisition in the next three months will bring the Singapore-based group’s gross renewable energy capacity to 8.5 GW, closer to its 2025 target of 10 GW of gross installed renewable capacity, Sembcorp said in a statement.
