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Suzlon forays into solar sector with 210MW Letters of Intent from TSSPDCL

13 Jan 2016 Evaluate

Suzlon Group, one of India's leading wind turbine manufacturers, has forayed into the solar sector with 210MW Letters of Intent (LoI) from the State utility, Southern Power Distribution Company of Telangana (TSSPDCL). Suzlon has won the projects through a competitive bidding process. The 210MW of projects consist of six different capacity projects to be located across the State. This includes one project of 100MW, one of 50MW and four projects of 15MW each. These projects shall be commissioned in FY 2016-17.

These solar projects will be built under 6 different Special Purpose Vehicle (SPVs), of which 1 is an existing subsidiary of Suzlon, while following 5 have been acquired (by acquiring 100% shareholding), which will be used as the proposed Solar SPVs for the project viz. Amun Solarfarms, Avighna Solarfarms, Prathamesh Solarfarms, Rudra Solarfarms and Vayudoot Solarfarms. These acquired companies do not have any operations or assets currently and are acquired primarily to be used as SPVs for the proposed solar projects. The acquisitions have been made at the face value.

Suzlon will sign six Power Purchase Agreements (PPAs) this month with the state utilities for a 25 year period. Suzlon will leverage its end-to-end clean energy solutions expertise to oversee the solar project from concept to commissioning.

Suzlon Group is a leading wind turbine manufacturer in India having a global presence with spread extending across Asia, Australia, Europe, Africa and North and South America.

Suzlon Energy Share Price

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