Singapore-listed utility company Sembcorp Industries Ltd on Sunday said it will acquire clean energy platform Vector Green Energy for Rs 2,780 crore to expand its renewable energy footprint in India to 3 gigawatts (GW).

Vector Green Energy, owned by funds managed by the Indian subsidiary of Global Infrastructure Partners, has 519 megawatts (MW of operational (495 MW solar and 24 MW wind) and 64 MW of solar projects under development. The firm reportedly also has 1GW of investment-ready assets in the pipeline.

The completion of the acquisition in the next three months will bring the Singapore-based group’s gross renewable energy capacity to 8.5 GW, closer to its 2025 target of 10 GW of gross installed renewable capacity, Sembcorp said in a statement.

Vipul Tuli, CEO of South Asia, Sembcorp Industries, said: “This acquisition brings the significant utility-scale solar capacity to our India business, which will complement our existing wind portfolio.

“It also broadens and deepens our renewable energy capabilities and presence across states in India, and positions us well for further green growth in the country”.

With this acquisition, Sembcorp will now have a portfolio of 8.7 GW, comprising 6.7 GW operational and the rest under development.

Tuli said, 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 2GW of wind assets.