Suzlon sells stakes in three solar projects

Suzlon Group has announced joint ventures with the Unisun Energy Group and Canadian Solar for the development and construction of 45 MW Solar PV Projects located in Telangana (India).

Suzlon Group will co-develop two solar projects of 15 MW each at the sites of Ramannapet and Kamareddy, Telangana. Canadian Solar will acquire 49% stake in Avighna Solarfarms Limited and Amun Solarfarms Limited, the special purpose vehicles (SPVs) setup by Suzlon for executing these projects. 

Canadian Solar will provide its solar PV modules, arrange project financing and contribute its technology expertise to ensure the commissioning of these projects in the financial year 2017.

The offtaker of Ramannapet project will be Telangana Southern Power Distribution Company Limited and for Kamareddy project will be Telangana Northern Power Distribution Company Limited (TNPDCL).

Suzlon will be responsible for project commissioning and for providing comprehensive operation and maintenance services for a period of 25 years. 

Steve Iyer, Vice President (Operations), Canadian Solar, said: 

“Canadian Solar is pleased to partner with Suzlon for the development of 30 MW solar power projects in Telangana. These projects mark our first investment in the Indian solar sector and shall contribute to our global pipeline of 2.4 GW of projects in late-stage development.” 

J.P. Chalasani, Group CEO, Suzlon Group, said: 

“Suzlon aims to aid green energy requirement by delivering sustainable and affordable energy to all. We are thankful to Canadian Solar for the confidence reposed in Suzlon and its technology. For Suzlon, this is a step forward towards developing environment friendly energy sources, underscoring its commitment towards the Government’s target of setting up 100 GW of solar power capacity by 2022.” 

Besides, Suzlon has also entered into a similar JV deal with Unisun Energy for the development and construction of a 15 MW Solar PV Project located at Bhainsa, Adilabad District.

The Unisun Energy Group will acquire a 49% stake in Vayudoot Solarfarms Limited, the SPV set-up by Suzlon for executing this project. Unisun Energy has the option to acquire the balance of the 51% stake in the SPV in the future in accordance with the relevant rules and regulations. The off-taker of the Vayudoot project will be the TNPDCL. Suzlon will be responsible for project commissioning and to provide comprehensive operation and maintenance services for a period of 25 years. The project is expected to be commissioned in the financial year 2017 (FY17). 

Peng Hao, CEO, Unisun Energy Group, said:

“India is an attractive destination for investment in renewable and solar offers immense opportunities. We are evaluating projects that will be value-enhancing for our stakeholders, whilst being attractive for our customers. We believe that India has a favourable solar policy, which creates a conducive environment for us. We have partnered with Suzlon given their reliable project execution capabilities.” 

Suzlon 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.