Sembcorp Industries has secured a foothold in China the largest and fastest-growing wind power market with the acquisition of its first wind power assets.
In a filing to the Singapore Exchange, Sembcorp said its wholly-owned subsidiary Sembcorp Utilities has acquired power assets in China worth USD 85.5 million. This comprises a 49% stake in four wind power plants in Hebei and Inner Mongolia as well as a 25% stake in a coal-fired power plant in Shanxi.
With its latest acquisitions, Sembcorp will now have utilities operations in 11 provinces in China.
Mr Tang Kin Fei group president & CEO of Sembcorp said "This acquisition strengthens our global energy portfolio and provides a platform to accelerate Sembcorp growth in the renewable energy sector. As a responsible energy player, Sembcorp aims to have a portfolio of high efficiency thermal and renewable power generation assets including a growing component of low carbon capacity."
Sembcorp said it had acquired the power assets from The AES Corporation a global power company listed on the New York Stock Exchange.
The acquisition will be funded through internal resources and is expected to be accretive to earnings from its first year of acquisition.
Source - China Daily
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