SGX Share Sembcorp wins contract for $405 mil wind power project in India

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Sembcorp Green Infra, the India-based sustainable power source business of Sembcorp Industries, has won an offer for another wind control extend with near 250 megawatts in limit from Solar Energy Corp of India, a substance under India’s Ministry of New and Renewable Energy.

It will be situated in Tamil Nadu and associated with India’s Central Transmission Utility.

In a Monday discharge, the gathering says the aggregate venture cost is assessed to be at around INR 19 billion ($405 million), which is to be financed through a blend of inward supports and obligation.

The venture is relied upon to be produced in stages and completely appointed in the second 50% of the Indian money related year finishing March 31, 2019.

Upon finishing, its whole yield will be sold to Power Trading Corporation under a 25-year long haul control buy understanding.

The honor of this venture is not anticipated that would materially affect the gathering’s profit per share (EPS) and net resource esteem (NAV) per share of Sembcorp Industries for FY17.

“Sembcorp is satisfied to have secured this new venture, through which we can additionally bolster India’s development with supportable wind control. We will find the venture in Tamil Nadu, a high-wind state, and plan to work intimately with providers and contractual workers to convey the venture effectively,” remarks Sunil Gupta, overseeing executive and CEO of Sembcorp Green Infra.

Shares of Sembcorp shut level at $3.15 last Friday.

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