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Sembcorp Industries will acquire Vector Green Energy for Rs 27.80 billion to expand its renewable energy footprint in India to 3 gigawatts (GW), the company said this week. The acquisition will bring the Singapore-based group's gross renewable energy capacity to 8.5 GW, closer to its target of 10 GW of gross installed renewable capacity by 2025. “Sembcorp Industries announces that its wholly-owned subsidiary, Sembcorp Green Infra Ltd, has signed an agreement with India Infrastructure Fund II, a fund managed by Global Infrastructure Partners India Pvt Ltd, to acquire 100% interest in Vector Green Energy Pvt Ltd (Vector Green) for a base equity consideration of approximately Rs 2,780 crore,� it said in a statement. Vector Green is an independent power producer with renewable power generation assets across 13 Indian states. The portfolio includes 495 megawatts (MW) of solar capacity and 24 MW of wind capacity in operation, with 64 MW of solar projects under development. “Including Vector Green, Sembcorp's gross renewables portfolio installed and under development in India will total 3 GW, comprising 1 GW of solar assets and 2 GW of wind assets,� it said. The acquisition will be funded through internal cash resources and external borrowings. Sembcorp Industries; Vector Green Energy; Global Infrastructure Partners See also: CPP Investments commits Rs 18.50 bn to Kotak infra fundDenso ties up Rs 4 billion green loan