Energy solutions provider Sembcorp Industries has completed its $85.5m acquisition of power assets in China from US-based AES Corporation, following approval from relevant authorities.
The acquisition comprises a 49% stake in four wind power assets with total capacity of 247.5MW in Inner Mongolia and Hebei, as well as a 25% stake in a 2,100MW coal-fired power plant in Shanxi.
Sembcorp president and CEO Tang Kin Fei said the company has achieved a significant milestone as per its strategy to increase its renewable energy capabilities.
"This acquisition not only strengthens our global energy portfolio but also provides a platform to accelerate Sembcorp's growth in the renewable energy sector," Fei added.
The transaction is expected to increase Sembcorp's presence in China.
In May 2012, Sembcorp announced that its subsidiary, Sembcorp Utilities, had signed a sale and purchase agreement with AES to acquire power assets.