- Sembcorp’s first wind power assets, a significant milestone in its strategy to grow its renewable energy capabilities
SINGAPORE, May 7, 2012 – Sembcorp Industries (Sembcorp) today announces that its wholly-owned subsidiary, Sembcorp Utilities, has signed a sale and purchase agreement with The AES Corporation (AES) to acquire part of its power asset portfolio in China for US$85.5 million (equivalent to approximately S$106.7 million).
The acquisition includes a 49% stake in four wind power assets owned through AES Huanghua, AES Hulunbeier Wind Power Co., AES Xinba’erhu Wind Power Co. and AES Chenba’erhu Wind Power Co., as well as a 25% stake in a coal-fired power plant owned through AES China Corp. The AES Corporation is a global power company listed on the New York Stock Exchange (NYSE: AES).
Commenting on the transaction, Tang Kin Fei, Group President & CEO of Sembcorp, said, “This acquisition strengthens our global energy portfolio and provides a platform to accelerate Sembcorp’s 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. With this acquisition, our renewable energy capabilities will now include wind in addition to biomass.
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