Sembcorp Industries, a Singaporean utility company, has sold Tanweer Infrastructure all of its shares in Sembcorp Energy India (SEIL), the country’s coal-based power-producing division. For a 2.7-gigawatt asset base, the sale value is Rs11,700 crore ($1.47 billion) (Gw).
A group managed by private equity investment company Oman Investment Corporation S.A.O.C. (OIC), along with Dar Investment SPC and the Ministry of Defence Pension Fund, one of Oman’s major pension funds, indirectly owns Tanweer Infrastructure.
In a statement to the public, Sembcorp stated that after this sale, renewable energy will account for 51% of its energy capacity, up from the present 43%. “Sembcorp will have a 14.0 Gw energy portfolio, 7.1 Gw of which will be made up of renewable energy sources including solar, wind, and energy storage on a worldwide scale. “On a pro forma basis, Sembcorp’s share of net profit from its portfolio of sustainable solutions would rise to 31% for the first half of 2022,” it added.
Sembcorp declared last year that it will cut its greenhouse gas emissions in half by 2030 and achieve net carbon neutrality by 2050. The firm stated that it aimed for a 30 % compound annual growth rate (CAGR) for its portfolio of renewable energy and a 10 % CAGR for its portfolio of integrated urban solutions by 2025.
Sembcorp wants to increase its gross installed renewable energy capacity to 10 Gw by 2025, or treble it. According to its declaration from last year, its total installed renewable energy capacity for 2020 (including wind, solar, and energy storage) would be 2.6 Gw.
The sale of SEIL, according to Sembcorp, would reduce the company’s greenhouse gas (GHG) emissions intensity from 0.51 to 0.32 tCO2e/MWh (tonnes of carbon dioxide equivalent per megawatt hour). The reduction of Sembcorp’s GHG emissions intensity to 0.40 tCO2e/MWh would have allowed it to beat its 2025 objective. According to the corporation, its absolute GHG emissions will drop from 26.2 million tCO2e to 10.4 million tCO2e.
On behalf of Tanweer Infrastructure, Kalat Al Bulooshi, CEO of OIC, stated: “We are committed to delivering power to our customers on a continuous and efficient basis and to work with our team of dedicated employees at the plant, our stakeholders, such as the power distribution customers, and the local community, to achieve their goals. In today’s environment of energy uncertainty, the accessibility of electricity to homes and businesses is crucial. Sembcorp has a 16.6 Gw portfolio of power generating, with 7.1 Gw of renewable energy capacity worldwide made up of solar, wind, and energy storage.
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