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Thursday, 6 September 2012

Sembcorp acquires power assets in China for $106.7m

Sembcorp Industries (Sembcorp) announced on Thursday the successful completion of its acquisition of power assets in China from AES Corporation (AES) for $106.7 million, pending approval by relevant Chinese authorities.

Sembcorp subsidiary Sembcorp Utilities had earlier said it had signed a sales-and-purchase agreement with AES to acquire part of its power asset portfolio in China.

The acquisition included a 49 per cent stake in four wind power assets in Inner Mongolia and Hebei with a total gross power capacity of 247.5 megawatts, as well as a 25 per cent stake in a co-operative joint venture for a 2,100-megawatt, coal-fired power plant in Shanxi. The co-operative joint venture expires in 2016.

Said Tang Kin Fei, group president & CEO of Sembcorp: "This acquisition not only strengthens our global energy portfolio but also provides a platform to accelerate Sembcorp's growth in the renewable energy sector. In addition, we now have our first wind power assets in China, the largest wind power market in the world."

Sembcorp's renewable energy capacity, which now includes wind in addition to biomass, currently accounts for nearly 5 per cent of the group's total energy portfolio.

Sembcorp's energy and water operations in China have increased from 13 to 18 cities across 11 provinces.

The transaction is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the current financial year.

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