SINGAPORE – India’s SJVN, a state-owned power producer, has awarded a 440 megawatt (MW) wind-solar hybrid power project to Sembcorp Industries’ wholly owned renewables subsidiary.

The build-own-operate project is part of a 1.5 gigawatt (GW) bid issued by SJVN in September 2023. Power generated from the project will be sold to the power producer under a 25-year power purchase agreement, Sembcorp said on March 11. It expects the project to be commercially ready for operation within 24 months of signing the power purchase agreement. It will fund the project through a mix of internal funds and debt.

The new project brings the group’s gross renewables capacity to 14.3GW, including a 245MW acquisition pending completion.

Sembcorp does not expect the project to have any material impact on its earnings per share and net tangible assets per share for the financial year ending Dec 31, 2024. It noted that the project is in the ordinary course of business.

Its counter closed flat at $5.07 on March 11. THE BUSINESS TIMES