Suzlon sells subsidiary to Canadian firm AMP Solar

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Suzlon Energy has completed the sale of its subsidiary Rudra Solarfarms to AMP Solar. The turnover of Rudra for the financial year ended March 31, 2018, was Rs 123 million and the net worth was Rs 90.8 million. The company sold its majority stake in Rudra for Rs 142.10 million.

Rudra Solarfarms is a special purpose vehicle (SPV) set up by Suzlon in partnership with AMP Solar for executing a 15 MW solar project in Telangana. The 15 MW project, located at the Achampet site, Mahaboobnagar District, is a part of 210 MW solar projects won by Suzlon in Telangana through competitive bidding.

As per the contract signed between Suzlon Group and the AMP Solar in 2016, the latter acquired a 49% stake in Rudra Solarfarms, with the option to acquire the balance of the 51% stake in the future. The off-taker of the solar project is Telangana State Southern Power Distribution Company Limited.

Last year, in a similar deal, Suzlon Energy sold subsidiaries Amun Solarfarms and Avighna Solarfarms, in Telangana, to Chinese-Canadian developer Canadian Solar for Rs 545 million. The company set up the units as special purpose vehicles for two solar projects of 15 MW each, at Ramannapet and Kamareddy.