Shareholders in Sembcorp Industries have approved the $1.5bn sale of its Indian coal power plants in a deal that allows the Singapore-based company to avoid higher interest payments on its green debt even as it retains control of the polluting assets.
Sembcorp, an energy provider, has agreed to offload the assets to a private Omani consortium to cut its greenhouse gas emissions and avoid triggering higher coupons on its sustainability-linked debt.
As part of the deal, it will also finance the assets for the next 15 years because it said restrictions on non-green investing would mean any buyer could find it difficult to secure financing for coal.
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