Suzlon has completed the sale of its subsidiary Prathamesh Solarfarms to Ostro Energy for Rs 57.09 crore. The turnover of Prathamesh Solarfarms for the financial year ended March 31, 2018 was Rs 29.36 crore and net worth was Rs 49.83 crore.
Ostro Energy is a wholly owned subsidiary of ReNew Power.
Prathamesh Solarfarms is a special purpose vehicle created by Suzlon in year 2016, in partnership with Ostro Energy, to execute a 50 MW solar project at Wanaparthy, Telangana.
Under the terms of the joint venture, Ostro Energy acquired a 49% stake in Prathamesh Solar Farms, with the option to take over the balance 51% in the future. The offtaker of the solar project is Telangana Southern Power Distribution Company. Suzlon is responsible for operations and maintenance of the plant over its 25 year operational period.
Earlier this month, Suzlon has sold its majority stake in Rudra Solarfarms for Rs 142.10 million. It had set up the subsidiary, in partnership with AMP Solar, in order to execute a 15 MW solar project in Telangana.
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.
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.