Sembcorp wants to increase its total installed renewable energy capacity to 10 Gw by 2025.

Sembcorp Industries, a Singaporean utility company, has sold Tanweer Infrastructure all of its shares in SEIL, the country's coal-based power-producing arm. For a 2.7-gigawatt asset base, the sale value is Rs 11,700 crore ($1.47 billion) (Gw).

A group managed by private equity investment company Oman Investment Corporation S.A.O.C. (OIC), along with Dar Investment SPC and the Ministry of Defence Pension Fund, one of Oman's largest pension funds, indirectly owns Tanweer Infrastructure.

In a public statement, Sembcorp said, post this sale, 51 per cent of its energy capacity will be renewable energy, up from 43 per cent currently. “Sembcorp will have an energy portfolio of 14.0 Gw, with 7.1 Gw of renewable energy capacity comprising solar, wind and energy storage globally. On a pro forma basis, Sembcorp’s share of net profit from its sustainable solutions portfolio for the first half of 2022 will increase to 31 per cent,” it said.

Sembcorp declared last year that it would cut its greenhouse gas emissions in half by 2030 and achieve net carbon neutrality by 2050. The company stated that it aimed for a 30 per cent compound annual growth rate (CAGR) for its portfolio of renewable energy and a 10 per cent CAGR for its portfolio of integrated urban solutions by 2025.

Sembcorp wants to increase its gross installed renewable energy capacity to 10 Gw by 2025, or treble it. According to its announcement from last year, its total installed renewable energy capacity for 2020 (including wind, solar, and energy storage) will be 2.6 Gw.

On behalf of Tanweer Infrastructure, Kalat Al Bulooshi, CEO of OIC, stated: "We are committed to delivering power to our customers on a continuous and efficient basis and to work with our team of dedicated employees at the plant, our stakeholders, such as the power distribution customers, and the local community, to achieve their goals. In today's environment of energy uncertainty, the accessibility of power to homes and businesses is crucial.

Sembcorp has a 16.6 Gw portfolio of power generating, with 7.1 Gw of renewable energy capacity worldwide made up of solar, wind, and energy storage.