Sembcorp Industries, the Singapore-based energy and urban development company, has made an equity infusion of Rs 521 crore (S$101.6 million) into its Indian arm, Sembcorp Energy India Ltd. The funds will be used to expand its renewable energy portfolio in India, according to the company’s officials.
Sembcorp Industries reported its half-yearly earnings for January-June 2019 with net profit at S$191 million, up from S$159 million in 1H2018, on improved performance from the energy business. Profitability in India continued to improve with net profit growing by 46% from the year-ago period to S$35 million (Rs 179.56 crore).
Also, Sembcorp India has announced the commissioning of 200 megawatts in the first phase of its Solar Energy Corp. of India 2 and Solar Energy Corp. of India 3 wind power projects in Bhuj, Gujarat. This takes its total portfolio to 450 megawatts of commissioned wind power capacity under Solar Energy Corp. of India auctions alone. Sembcorp India also operates a 2,640 megawatts coal-fired power plant (4* 660 megawatts) in Krishnapatnam, in Andhra Pradesh’s Nellore district, which operated at a plant load factor of 84% in the six months.
The industry average for thermal power plants in the country, which has hovered around the 55% range in the recent past.