The six projects are worth a total of 210 MW, including a 100 MW project, a 50 MW project and four projects of 15 MW each. They will be constructed under six Special Purpose Vehicle (SPVs), of which one is a subsidiary of Suzlon, while another five have been acquired with a 100 percent shareholding. The acquired SPVs consist of Amun Solarfarms Private Ltd, Avighna Solarfarms Private Ltd, Prathamesh Solarfarms Private Ltd, Rudra Solarfarms Private Ltd and Vayudoot Solarfarms Private Ltd.
The acquired companies do not currently have any operations or assets, being acquired primarily to be used as SPVs for the proposed solar projects. Suzlon will sign six Power Purchase Agreements (PPAs) with state utilities covering a 25 year period. The company will oversee the projects from concept to commissioning.
The company won the projects through a tariff-based competitive bidding process launched by TSSPDCL in April 2015. The projects shall be commissioned during the 2016-17 financial year.
“This 210MW project will reinforce our commitment to execute tangible capacities in solar energy every year while expanding our footprint” said Mr Rohit Modi, CEO, International Operation and New Business at Suzlon Energy. “Suzlon will develop these projects on a turnkey basis.”
Mr Tulsi Tanti, Chairman of Suzlon Group, added that the contracts have boosted Suzlon Group’s strong presence in the renewable energy sector and that the company is also working on integrated renewable energy solutions by combining wind and solar projects at a single location.
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