Sembcorp Industries is selling its India energy business to a consortium led by Oman Investment Corporation (OIC), the Ministry of Defence Pension Fund, Oman and Dar Investment for INR117bn (€1.42bn).

Singapore-headquarted Sembcorp has agreed to sell Sembcorp Energy India Limited (SEIL) to Tanweer Infrastructure. SEIL is one of the largest independent power producers in India, operating two coal-fired plants generating a total of 2.6GW.

The SGX-listed energy and urban development company said the sale of SEIL will reduce its greenhouse gas (GHG) emissions intensity from 0.51 tCO2e/MWh to 0.32 tCO2e/MWh and will lead to Sembcorp achieving its 2025 target of reducing its GHG emissions intensity to 0.40 tCO2e/MWh ahead of time.

Once the disposal is complete, 51% of Sembcorp’s energy capacity will be renewable energy, up from 43%, the company said.

Wong Kim Yin, group president and CEO of Sembcorp said: “The sale of SEIL accelerates the transformation of Sembcorp’s portfolio from brown to green, while protecting the interests of all stakeholders.

“OIC is a trusted and reliable long-term partner, and we are confident SEIL will continue to provide reliable services to its power distribution customers, as well as maintain stability of relationships with suppliers, communities and employees. The innovative GHG emissions intensity reduction incentive rate also underscores our commitment to sustainable energy transition.”

Kalat Al Bulooshi, CEO of Oman Investment Corporation, on behalf of Tanweer Infrastructure said: “We are committed to deliver power to our customers on a continuous and efficient basis and to work with our team of committed employees at the plant, our stakeholders such as the power distribution customers and the local community, to achieve their objectives.

”Availability of power to households and industries is of vital importance in today’s world of energy uncertainties.”

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