(Reuters) -Singapore’s Temasek-backed Sembcorp Industries said on Wednesday its subsidiary has signed a share purchase agreement to acquire ReNew Pvt Ltd’s solar energy unit for about S$246 million ($190.02 million) to bolster its renewable energy portfolio in India.
WHY IT’S IMPORTANT
The deal comes at a time when India is looking to boost investments in renewable energy to meet its 500-gigawatt (GW) capacity of clean energy target by 2030 from the current 165 GW.
Upon completion, Sembcorp’s gross renewable energy capacity installed and under development in India will reach 6.9 GW.
CONTEXT
The unit ReNew Sun Bright, part of Nasdaq-listed ReNew Energy Global, operates a 300 MW solar power plant located in India’s northwestern state of Rajasthan.
The project commenced commercial operations in November 2021 and operates under a 25-year power purchase agreement with the state government’s electricity company.
($1 = 1.2946 Singapore dollars)
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Vijay Kishore)
