Coal news and updates

Singapore’s Sembcorp Industries to sell India coal-fired power units to Oman’s Tanweer Infrastructure

Sembcorp Industries has entered into an agreement to sell 100% of its holding in Sembcorp Energy India Limited (SEIL) to Tanweer Infrastructure Pte Ltd for Rs 117 billion, the Singapore based-utility group said on September 5.

SEIL, an independent power producer, has two supercritical coal-fired plants totalling 2.6 gigawatts (GW). The sale is a part of Sembcorp Industries’ strategy to transform its portfolio from brown energy to green energy.

Tanweer Infrastructure is indirectly owned by a consortium led by Oman Investment Corporation S.A.O.C. (OIC) in partnership with the Ministry of Defence Pension Fund, Oman, one of Oman’s largest pension funds with significant investments across power and infrastructure, and Dar Investment SPC.

“The sale of SEIL accelerates the transformation of Sembcorp’s portfolio from brown to green, while protecting the interests of all stakeholders. OIC is a trusted and reliable long-term partner, and we are confident SEIL will continue to provide reliable services to its power distribution customers, as well as maintain stability of relationships with suppliers, communities and employees,” said Wong Kim Yin, Group President and chief executive officer said.