Renewable energy solutions provider Suzlon Energy has completed sale of its two subsidiaries—SE Solar and Gale Solarfarms—to foreign investor CLP Wind Farms for Rs 99.09 crore. While it sold the balance stake in SE Solar for Rs 76.55 crore, the balance stake in Gale Solarfarms was sold for a consideration of Rs 22.54 crore.
SE Solar is a special purpose vehicle set up by Suzlon with CLP India for the 100 MW Veltoor Solar project in Telangana. The project was awarded what is claimed to be the world’s first solar project quality certificate for a PV plant. The certification from DNV GL confirms all relevant safety features required of a solar park, and demonstrates technical compliance of the project with the globally recognized standards.
Gale Solarfarms is another special purpose vehicle set-up by Suzlon with CLP India for a 50 MW project at Dhule in Maharashtra. Under the agreement signed in September last year, CLP India acquired 49% stake in Gale Solarfarms Limited, with the option to acquire the balance 51% stake in the future.
The turnover of SE Solar for the financial year ended March 31, 2018 was Rs 54.43 crore, with net worth of Rs 159.55 crore.
Gale’s turnover for the financial year ended March 31, 2018 was Rs 0.72 crore, with net worth of Rs 32.03 crore.
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