New Delhi: Singapore’s Sembcorp Industries on Wednesday said it has agreed to acquire a unit of ReNew Pvt Ltd for about 246 million Singapore dollar (Rs1,700 crore). Following the acquisition, Sembcorp’s total gross renewable energy capacity in India will rise to 6.9GW. Globally, the company’s gross renewable portfolio, including pending acquisitions, will reach 19.3GW. The firm through its wholly-owned subsidiary, Sembcorp Green Infra Pvt Ltd, “has entered into a share purchase agreement with ReNew Private Limited to acquire 100 per cent ownership of ReNew Sun Bright Private Limited (ReNew Sun Bright), for a total consideration of approximately Singapore Dollar 246 million,” according to a company statement.

ReNew Sun Bright owns and operates a 300-MW solar power plant in Fatehgarh, Rajasthan, which began commercial operations in November 2021. The facility is connected to national grid via the Inter-State Transmission System and operates under a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited.