Temasek-Backed Sembcorp Acquires Majority Stake in India’s Greenko Wind Assets for US$1.2 Billion

In July 2025, Singapore’s Sembcorp Industries — backed by Temasek — announced the acquisition of a 51% stake in Greenko’s wind energy portfolio in India, valued at US$1.2 billion (~S$1.63 billion). The portfolio includes 3.5 GW of operational wind assets across five states and marks one of the largest energy infrastructure transactions in South Asia this year.

The deal reflects Sembcorp’s ongoing shift toward sustainable energy and follows a string of Southeast Asian utilities doubling down on regional green infrastructure plays. The market viewed the move as strategically sound, with Sembcorp shares gaining modestly on news of the deal.

The Strategic Angle

This is more than an energy play — it’s a move to consolidate control of green baseload power at scale in one of the world’s most dynamic energy transition markets.

India is racing to meet its ambitious renewables targets, and asset-backed access to grid-stable generation — like wind — has become a prized strategic lever. Sembcorp isn’t just buying turbines; it’s securing operating leverage, power purchase agreement (PPA) visibility, and a foothold in long-term clean energy demand.

Three strategic signals emerge from the deal:

1. Scale in Transition Infrastructure is the Next Frontier

In energy, scale equals bankability. By acquiring 3.5 GW of wind capacity, Sembcorp isn’t just increasing megawatts — it’s gaining negotiating power with regulators, lenders, and offtakers. For transformation-focused utilities, the future lies in regional aggregation: buying operating platforms, not building asset by asset.

2. Cross-Border Green Capex is Accelerating

This deal marks a shift in capital flows — from domestic-led buildouts to cross-border infrastructure ownership. Singaporean, Japanese, and Australian firms are increasingly targeting Indian and Southeast Asian green assets, drawn by favourable policy, scale opportunity, and rising domestic ESG pressures. The playbook is clear: deploy capital where emissions gaps are largest and incentives strongest.

3. The “Baseload Green” Portfolio Is Emerging

Solar has led the renewables story, but its intermittency limits how much grid share it can take. Wind, particularly utility-scale wind in India’s western corridor, provides more stable generation profiles. Paired with emerging storage capabilities, these assets are forming the foundation of the region’s next baseload power portfolios — a critical shift for strategic energy planners.

Why It Matters for Executives

For Strategy & Corporate Development Teams This is a classic case of value through platform acquisition. If you’re building a clean infrastructure portfolio, look beyond greenfield development. Acquiring operational assets with stable PPAs allows for faster scale and lower execution risk — especially in fast-moving markets like India or Vietnam.

For CFOs & Capital Allocation Leaders US$1.2 billion is a meaningful deployment, but likely backed by hybrid capital structures and co-investments. Green energy M&A is now a core capital allocation pillar — and increasingly, CFOs must navigate blended finance models combining private equity, sovereign wealth, and concessional funding.

For Transformation & Ops Leaders in Utilities This deal is a reminder that operational excellence at scale will define who wins in the energy transition. Integrating diverse wind portfolios across regulatory jurisdictions, grid environments, and tech stacks requires transformation capability at the core — not just M&A skills.

For APAC Infrastructure Investors The big message: India’s green transition is now institutional. Private equity, sovereign funds, and corporate platforms are all deploying aggressively into the space. Expect more carve-outs from domestic players, and more joint ventures targeting solar-storage-wind integration.

TL;DR

Sembcorp’s US$1.2B acquisition of Greenko’s wind assets isn’t just a renewables deal — it’s a strategic bet on scaled, stable, cross-border green power. As the APAC energy transition matures, we’ll see more regional plays like this: capital-light buyers acquiring operating platforms, not just assets, and accelerating the buildout of green baseload across the region.