Oct 8 (Reuters) - Singapore's Temasek-backed Sembcorp

Industries said on Wednesday its subsidiary has signed

a share purchase agreement to acquire ReNew Pvt Ltd's solar

energy unit for about S$246 million ($190.02 million) to bolster

its renewable energy portfolio in India.

WHY IT'S IMPORTANT

The deal comes at a time when India is looking to boost

investments in renewable energy to meet its 500-gigawatt (GW)

capacity of clean energy target by 2030 from the current 165 GW.

Upon completion, Sembcorp's gross renewable energy capacity

installed and under development in India will reach 6.9 GW.

CONTEXT

The unit ReNew Sun Bright, part of Nasdaq-listed ReNew

Energy Global ( RNW ), operates a 300 MW solar power plant located in

India's northwestern state of Rajasthan.

The project commenced commercial operations in November 2021

and operates under a 25-year power purchase agreement with the

state government's electricity company.

($1 = 1.2946 Singapore dollars)