Sembcorp secures LoA for 300MW wind-solar hybrid project in India
November 27, 2024
Singapore-based company Sembcorp Industries has received a Letter of Award (LoA) for a 300MW inter-state transmission system (ISTS) wind-solar hybrid power project from India’s National Thermal Power Corporation (NTPC) – a substantial step in expanding its renewable energy portfolio.
The project, secured through Sembcorp’s subsidiary Sembcorp Green Infra, is part of a larger 1.2GW bid issued by NTPC.
The award stipulates that the power generated by the project will be sold to NTPC under a 25-year power purchase agreement (PPA).
The project will reach commercial operation within two years from the signing of the PPA.
It will be financed through a combination of internal funds and debt.
This new development brings Sembcorp’s total secured capacity from greenfield projects since November 2023 close to 2GW.
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As a result, the company’s gross renewables capacity in India has reached 5.4GW.
Including the pending acquisition of a 49MW project, Sembcorp’s global renewables capacity now stands at 16GW.
The company has confirmed that the award of this project is part of its regular business operations and does not expect it to materially impact its earnings per share or net tangible assets per share for the financial year ending 31 December 2024.
In October 2024, Sembcorp Industries secured an LoA for a 150MW ISTS-linked wind-solar hybrid power project from the Solar Energy Corporation of India.
In December 2023, Sembcorp Industries secured a contract from NHPC to construct a 300MW solar power project.
The project is part of a 3GW bid issued by the Indian government-run hydropower producer earlier in the year.
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