Singapore’s Sembcorp takes $85.5 mln stake in China wind sector
Sembcorp Utilities, a wholly owned subsidiary of Singapore’s SGX-listed Sembcorp Industries has signed a transaction with the New York-listed AES Corp to acquire part of its power asset portfolio in China for S$106.7 million (USD85.5 million), according to a company press release yesterday.
The acquisition comprises a 49 percent 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 percent stake in a coal-fired power plant owned through AES China Corp.
The deal represents Sembcorp’s first wind power assets in China, which will strengthen its global energy portfolio and help it to tap into the fast-growing wind power market. After the transaction, the Sembcorp will expand its development in renewable energy sector, including wind in addition to biomass, the company said.
The wind power assets comprise three wind power plants in Inner Mongolia and one in Hebei with a total gross power capacity of 247.5-MW. The remaining 51 percent stakes of these Joint Ventures belong to Guohua Energy Investment Co, which is owned by Shenhua Group Corp, a state-owned mining and energy company in China and the largest coal-producing company in the world.