Sembcorp Industries: To Buy Power Assets In China For $85.5 Million
05/07/2012| 02:03am US/Eastern
Sembcorp Industries Ltd. (U96.SG) said Monday that it has signed an agreement to buy power assets in China for US$85.5 million (S$106.7 million).
Sembcorp's wholly-owned utilities subsidiary will acquire from U.S.-listed AES Corp. (AES) a 49% stake in four wind power assets with total gross power capacity of 247.5 megawatts. It will also acquire 25% in a 2,100-MW coal-fired power plant.
"This acquisition strengthens our global energy portfolio and provides a platform to accelerate Sembcorp's growth in the renewable energy sector," Sembcorp Chief Executive Tang Kin Fei said in a statement.
-By Matthew Allen, Dow Jones Newswires; +65 64154 158; firstname.lastname@example.org