Suzlon Energy has signed Share Purchase Agreement (SPA) with Shruti Power Projects (wholly owned subsidiary of ReNew Power Ventures (ReNew Power)) for sale of its stake in Rajat Renewables and Kanak Renewables (collectively referred to as the SPVs), subsidiaries of the company. This is part of the trade practice of forming special purpose vehicles for setting-up of wind turbine projects and selling them to the customers.
Simultaneously, the company has also entered into contract with the SPVs for supply of 96.60 MW win turbine generators (WTGs) comprising of 24 units of S97-120m and 22 units of S111- 90m WTGs. The Project is scheduled for completion in the State of Karnataka by March 2018. The order is backed with Power Purchase Agreement (PPA) signed with Hubli Electricity Supply Company (HESCOM) and Gulbarga Electricity Supply Company (GESCOM). The company will execute the entire project on a turnkey basis and will also provide operation and maintenance services.
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.
