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Sembcorp to invest more in Indian energy arm, withdraws IPO draft prospectus

Wind turbines. Photo by: Sembcorp (www.sembcorp.com).

June 19 (Renewables Now) - Singapore-based Sembcorp Industries Ltd (SGX:U96) plans to invest more in its Indian energy subsidiary as it makes progress in developing two additional wind projects in the country.

The company said in a statement that it plans to subscribe to additional shares in Sembcorp Energy India Limited (SEIL) and pour into it fresh equity to back the growth of its local renewable energy activities. It gave no further details about the planned transactions.

As a result of this decision, Sembcorp was required to withdraw the draft red herring prospectus (DRHP) that it filed last year in preparation to list SEIL in India. The company said it will re-file a revised prospectus at an appropriate time in 2019, depending on market conditions. The prior draft prospectus envisaged an initial public offering (IPO) comprising of a fresh issue of up to INR 40.95 billion (USD 587m/EUR 524m) of shares and up to about 146.8 million shares offered by current shareholders.

Currently, SEIL has a 1.7-GW portfolio of wind and solar assets, including 550 MW in development. In October 2018, the firm completed the 250-MW wind farm in Tamil Nadu that was contracted in a tender round held by the Solar Energy Corporation of India (SECI) in April 2017.

(INR 10 = USD 0.143/EUR 0.128)

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