SEMBCORP INDUSTRIES LTD PRESS RELEASE
SEMBCORP INDUSTRIES TO ACQUIRE 35% INTEREST IN 1.9GW OF OPERATIONAL WIND AND SOLAR ASSETS IN CHINA
- Growth momentum towards its Group target of 10GW of gross installed renewables capacity by 2025
Singapore, December 2, 2021 - Sembcorp Industries (Sembcorp) announces that it has, through its wholly-owned subsidiary Sembcorp Energy (Shanghai) Holding Co. Ltd, signed an equity transfer agreement with China state-owned investment holding company, State Development Investment Corporate Group (SDIC)'s Shanghai SDIC Xieli Development Equity Fund Partnership (Xieli Fund), to take over its 35% interest in SDIC New Energy for an equity consideration of approximately RMB 1.5 billion (approximately S$320 million). SDIC New Energy's portfolio consists of 30 operational wind and solar PV assets with a total gross installed capacity of about 1.9GW located across seven provincial regions in China. SDIC Power, the public-listed power arm of SDIC, is the remaining 65% shareholder of SDIC New Energy.
Wong Kim Yin, Group President & CEO, Sembcorp Industries said: "We are committed to achieving our Group target of 10GW of gross installed renewables capacity by 2025. China is an important part of our brown to green transformation plan. We are pleased to partner SDIC Power, to grow the joint venture together. Along with our recently announced 658MW acquisition, our Group renewables portfolio is expected to reach a gross capacity of 6.1GW."
Alex Tan, CEO of China, Sembcorp Industries added: "Sembcorp is keen to build up our renewables portfolio in China, the world's largest and fastest-growing renewables market. SDIC Power is a top SOE power company in China, with a strong track record and capabilities in the China power and clean energy industry. We believe we have
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complementing strengths, and we are committed to work alongside SDIC Power to drive further growth in renewables through this joint venture."
The consideration for the transaction was determined on a willing-buyerwilling-seller basis, considering the operational quality, financials and cashflow generation of the assets via customary valuation techniques. Sembcorp's investment will be funded through a mix of internal cash resources and external borrowings. Completion of the acquisition is expected in the first half of 2022, and is subject to customary conditions precedent including regulatory approvals and the signing of a joint venture agreement with SDIC Power. The acquisition is expected to be accretive to earnings from the first year of the acquisition. For more information on the SDIC New Energy portfolio, please see the Appendix.
This acquisition is in the ordinary course of business of Sembcorp Industries and is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the financial year ending December 31, 2021.
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Appendix: List of Project Assets in SDIC New Energy
No. | Project Company | Project Name | Ownership | Type of | Installed capacity | Commercial operational |
renewable | (MW) | year | ||||
energy | ||||||
Gansu Province - 422.5MW | ||||||
1 | Baiyin Jiancaitang Chartered | Wind | 45.0 | |||
SDIC Baiyin Wind Energy | (白银捡财塘) | 2009 | ||||
Co., Ltd. | 100% | |||||
2 | Baiyin Jiancaitang Phase 2 | |||||
(国投白银风电有限公司) | Wind | 49.5 | ||||
(白银捡财塘二期) | ||||||
2012 | ||||||
3 | Guazhou Beidaqiaodong Phase 1 | Wind | 49.5 | |||
SDIC Jiuquan Wind Energy I | (瓜州北大桥东一期) | 2010 | ||||
Co., Ltd. | 65% | |||||
4 | Guazhou Beidaqiaodong Phase 2 | |||||
(国投酒泉第一风电有限公司) | Wind | 49.5 | 2010 | |||
(瓜州北大桥东二期) | ||||||
5 | SDIC Jiuquan Wind Energy II | Guazhou Beidaqiao No. 2 | ||||
Co., Ltd. | 100% | Wind | 201.0 | 2011 | ||
(瓜州北大桥第二) | ||||||
(国投酒泉第二风电有限公司) | ||||||
6 | SDIC Dunhuang Solar | Dunhuang Chartered (敦煌特许权) | Solar | 10.0 | 2011 | |
7 | Energy Co., Ltd. | Dunhuang Phase 1 (敦煌一期) | 100% | Solar | 9.0 | 2012 |
(国投敦煌光伏发电有限公司) | ||||||
8 | Dunhuang Phase 2 (敦煌二期) | Solar | 9.0 | 2012 | ||
Guangxi Zhuang Autonomous Region - 194MW | ||||||
9 | Pubei Longmen Phase 1 | Wind | 94.0 | 2019 | ||
Guangxi Wind Energy Co., | (浦北龙门风电一期) | |||||
Ltd. | 100% | |||||
10 | Pubei Longmen Phase 2 | |||||
(国投广西风电有限公司)SDIC | Wind | 100.0 | 2020 | |||
(浦北龙门风电二期) | ||||||
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No. | Project Company | Project Name | Ownership | Type of | Installed capacity | Commercial operational |
renewable | (MW) | year | ||||
energy | ||||||
Ningxia Hui Autonomous Region - 80MW | ||||||
11 | SDIC Ningxia Wind Energy | |||||
Co., Ltd. | Zhongning Enhe (中宁恩和) | 100% | Wind | 50.0 | 2020 | |
(国投宁夏风电有限公司) | ||||||
12 | SDIC Shizuishan Solar | Shizuishan Phase 1 (石嘴山一期) | Solar | 10.0 | 2011 | |
Energy Co., Ltd. | ||||||
13 | 100% | |||||
(国投石嘴山光伏发电有限公 | Shizuishan Phase 2 (石嘴山二期) | 2012 | ||||
Solar | 20.0 | |||||
司) | ||||||
Qinghai Province - 199MW | ||||||
14 | SDIC Qinghai Wind Energy | Dulan Lunan Village (都兰路南村) | Wind | 49.5 | 2014 | |
15 | Co., Ltd. | Dulan Beikeliang (都兰贝壳梁) | 80% | Wind | 49.5 | 2017 |
(国投青海风电有限公司) | ||||||
16 | Qinghai Gonghe (青海共和) | Wind | 50.0 | 2020 | ||
17 | SDIC Golmud Solar Energy | Geermu Phase 1 (格尔木一期) | Solar | 20.0 | 2011 | |
Co., Ltd. | ||||||
18 | 100% | |||||
(国投格尔木光伏发电有限公 | Geermu Phase 2 (格尔木二期) | 2011 | ||||
Solar | 30.0 | |||||
司) | ||||||
Tianjin Municipality - 50MW | ||||||
19 | SDIC Tianjin New Energy | Tianjin Ninghe Phase 1 | ||||
Co., Ltd. | 100% | Wind | 50.0 | 2020 | ||
(天津宁河一期) | ||||||
(天津国投新能源有限公司) | ||||||
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No. | Project Company | Project Name | Ownership | Type of | Installed capacity | Commercial operational |
renewable | (MW) | year | ||||
energy | ||||||
Xinjiang Uygur Autonomous Region - 748.5MW | ||||||
20 | Hami Santanghu (哈密三塘湖) | Wind | 49.5 | 2014 | ||
21 | SDIC Hami Wind Energy Co., | Hami Naomaohu (哈密淖毛湖) | Wind | 49.5 | 2015 | |
22 | Ltd. | Hami Yandun 8A (哈密烟墩 8A ) | 100% | Wind | 200.0 | 2019 |
(国投哈密风电有限公司) | ||||||
23 | Hami Jingxia 5A (哈密景峡 5A) | Wind | 300.0 | 2019 | ||
24 | Hami Jingxia 5B (哈密景峡 5B) | Wind | 100.0 | 2020 | ||
25 SDIC Turpan Wind Energy
Co., Ltd. | Tufulan Xiaocaohu (吐鲁番小草湖) | 100% | Wind | 49.5 | 2015 | |
(国投吐鲁番风电有限公司) | ||||||
Yunnan Province - 184MW | ||||||
26 | SDIC Yunnan Wind Energy | Dongchuang Phase 1 (东川一期) | Wind | 48.0 | 2015 | |
Co., Ltd. | 90% | |||||
27 | Dongchuang Phase 2 (东川二期) | Wind | 48.0 | |||
(国投云南风电有限公司) | 2017 | |||||
28 SDIC Chuxiong Wind Energy
Co., Ltd. | Wuding Phase 1 (武定一期) | 90% | Wind | 48.0 | 2017 | |||
(国投楚雄风电有限公司) | ||||||||
29 SDIC Dali Solar Energy Co., | Bingchuan Phase 1 (宾川一期) | Solar | 20.0 | 2016 | ||||
Ltd. | 100% | |||||||
30 | Bingchuan Phase 2 (宾川二期) | Solar | 20.0 | |||||
(国投大理光伏发电有限公司) | 2018 | |||||||
Total Capacity | 1,878 | |||||||
- | Wind | 1,730 | (average asset life: 4 years) | |||||
- | Solar | 148 (average asset life: 8 years) | ||||||
- End -
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SCI - SembCorp Industries Ltd. published this content on 02 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2021 23:40:06 UTC.
