Sembcorp Industries, based in Singapore, has been awarded a contract to build, own, and operate the Manah Solar II Independent Power Plant (IPP) in Manah, Oman. Oman Power and Water Procurement Company awarded the contract to the company (OPWP). The contract was secured through a joint venture formed by Sembcorp’s subsidiary, Sembcorp Utilities, and Jinko Power Technologies.
The Manah Solar II IPP will be built using both internal cash resources and external bank borrowings. The 500 MW solar installation is planned to be operational by 2025 and is backed by a 20-year power purchase agreement (PPA) with OPWP. As per the company’s statement, the Manah Solar II IPP is not planned to have an impact on Sembcorp’s earnings per share, net asset value per share, or leverage for the current fiscal year. Currently, the company holds a 40 per cent share in the Salalah Independent Water and Power Plant in Oman’s Dhofar region.
In November 2022, Sembcorp Green Infra Limited signed an agreement with India Infrastructure Fund II, a fund managed by Global Infrastructure Partners India Private Limited. This agreement intended to acquire 100 per cent interest in Vector Green Energy Private Limited for a base equity consideration of approximately Rs 27.8 billion.
