Sembcorp unit to acquire Vector Green for $474m

Vector Green has renewable power generation assets across 13 Indian states.

Sembcorp Green Infra Limited, a wholly-owned subsidiary of Sembcorp Industries, has inked an agreement with  India Infrastructure Fund II to acquire 100% interest in Vector Green Energy Private Limited for a base equity consideration of $474 million (INR27.8b).

Vector Green’s acquisition will expand Sembcorp’s gross renewables portfolio installed and under development in India to 3GW, comprising 1GW of solar assets and 2GW of wind assets.

The independent power producer has renewable power generation assets spread across 13 Indian states. Its portfolio includes 495MW of solar capacity and 24MW of wind capacity in operation, with 64MW of solar projects under development

"With the completion of this acquisition, Sembcorp's gross renewable energy capacity will increase to 8.5GW4, pushing us closer towards our 2025 target of 10GW,”  Sembcorp Industries’ Group President & CEO, Wong Kim Yin, said.