Singapore-bassed Sembcorp Industries has signed an equity transfer agreement with China’s state-owned State Development Investment Corporate Group (SDIC).
Sembcorp will take over 35 per cent interest in SDIC New Energy for an equity consideration of about $320 million. SDIC New Energy’s portfolio consists of 30 operational wind and solar photovoltaic assets with a total gross installed capacity of about 1.9 GW located across seven provincial regions in China. This will contribute to its 10GW gross installed renewable capacity by 2025. SDIC Power will hold the remaining 65 per cent of SDIC New Energy.