Sembcorp Industries notified that its wholly owned subsidiary Sembcorp Utilities has signed a share purchase agreement with Tanweer Infrastructure Private Limited. The agreement seeks to sell 100 per cent of the shares of Sembcorp Energy India Limited (SEIL). SEIL is an independent power producer and is operating two 2.6 GW supercritical coal fired plants.
The proposed sale will result in the deconsolidation of SEIL from Sembcorp with Tanweer Infrastructure becoming the sole shareholder of SEIL upon completion for a consideration of approximately Rs 117 billion. Tanweer Infrastructure will pay the final amount with a deferred payment note.
With the sale of SEIL, Sembcorp’s greenhouse gas emissions intensity will drop from 0.51 tonnes of carbon dioxide equivalent per megawatt hour to 0.32 tonnes of carbon dioxide per MWh. By cutting its greenhouse emissions intensity to 0.40 tonnes of carbon dioxide per MWh, Sembcorp would have achieved this goal earlier than expected. Absolute GHG emissions for the company will also be reduced.
