Sembcorp Industries unveils $1.2b JV for new coal-fired power plant

It’s expanding its footprint in the Mainland.

Sembcorp Industries today revealed that it has entered into a conditional joint venture agreement to expand its energy business in China.

SCI signed a JV with a subsidiary of Chongqing Energy Investment Group, Chongqing Songzao Coal and Power LLC, to collaborate on a mine-mouth coal-fired power project in Chongqing municipality.

According to OCBC, the agreement includes the acquisition of a 49% stake in an existing 300MW coal-fired power plant as well as in the joint development of an adjacent 1,320MW coal-fired power plant, which will be one of the most efficient power plants in Chongqing.

“The entire project will cost approximately RMB6b (~S$1.2b), with the development of the new 1,320MW plant expected to complete in 2017. The project will strengthen Sembcorp’s energy business in China, increasing the group’s power capacity in the country by about 2.5 times to 2,607MW. This transaction is expected to be completed by 2015 upon the satisfaction of certain conditions precedent, including approval by relevant Chinese authorities,” noted OCBC.

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