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Suzlon Firms Up Solar Biz Plan With 5 SPVs

Published: 20th April 2016 03:03 AM  |   Last Updated: 20th April 2016 03:03 AM   |  A+A-

NEW DELHI:  Wind turbine maker Suzlon Energy Ltd has acquired five companies for an undisclosed sum to help implement its diversification into the solar energy industry, including the execution of its recently won 70 megawatt (MW) solar project in Maharashtra.

However, Suzlon will keep its foray into the solar power business independent of its wind energy operations through separate companies.

Keeping solar power operations separate will help investors participate in this business selectively, said the company in a statement.

S.JPGThe acquired companies are Gale Solarfarms Private Limited, Tornado Solarfarms Private Limited, Abha Solarfarms Private Limited, Aalok Solarfarms Private Limited and Shreyas Solarfarms Private Limited.

“These companies, which have been acquired at face value, do not have any operations or assets currently and have been acquired primarily to be used as special purpose vehicles (SPVs) for the proposed solar project,” the company stated.

A person close to the development said the amount involved in the acquisition is “minimal”. An e-mail sent to Suzlon remained unanswered at the time of filing the report.

Suzlon, which has helped its power sector customers install 15GW of wind energy capacity, manufactures turbines in India and has research and development facilities in Germany, the Netherlands and Denmark, apart from India. About 9GW of the Pune-based firm’s installation is in India, accounting for 37 per cent of the country’s wind installations.

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