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Suzlon Group enters into joint venture with Ostro Energy

26 Oct 2016 Evaluate

Suzlon Group has entered into joint venture with Ostro Energy for the development and construction of a 50 MW solar project at Wanaparthy site, Telangana. According to the contract signed between Ostro Energy and Suzlon Group on October 24, 2016, Ostro Energy shall acquire 49% stake in Prathamesh Solarfarms, a special purpose vehicle (SPV) set-up by Suzlon for executing this project. Ostro Energy has the option to acquire the balance 51% in future in accordance with the relevant rules and regulations. The offtaker of this project will be Telangana Southern Power Distribution Company.

Suzlon will be responsible for the project commissioning and will also provide comprehensive operation and maintenance services for a period of 25 years. The project is expected to be commissioned in financial year 2017 (FY17) and will be funded 75% by debt and 25% by equity.

The company won solar projects of 210 MW in Telangana through a competitive bidding process and the PPAs for the same were signed in February, 2016. These include one project of 100 MW, one of 50 MW and four projects of 15 MW each.

Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries in Asia, Australia, Europe, Africa and North and South America.

Suzlon Energy Share Price

54.98 -0.67 (-1.20%)
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