Following the sale of Prathamesh Solarfarms in February, Suzlon Energy has initiated sale of subsidiaries Shreyas Solarfarms and Aalok Solarfarms, again to Ostro Energy—a wholly owned subsidiary of ReNew Power. The sale process is likely to complete by May 10, 2019.
Suzlon has received Rs 10.13 crore on selling 26% of its existing stake in Shreyas. The balance stake would be transferred on receiving Rs 9.74 crore.
The company sold 26% stake in Aalok for Rs 5.06 crore. The balance stake would be transferred on receiving Rs 4.87 crore.
Shreyas had a turnover of Rs 7.56 crore for the ﬁnancial year ended March 31, 2018 and net worth of Rs 9.56 crore. Aalok had a turnover of Rs 3.91 crore and net worth of Rs 4.98 crore.
In February this year, Suzlon completed the sale of subsidiary Prathamesh Solarfarms to Ostro Energy for Rs 57.09 crore. It had set up the subsidiary, in partnership with Ostro Energy, for a 50 MW solar project at Wanaparthy in Telangana.
Suzlon had acquired Aalok and Shreyas Solarfarms along with three other solar companies (Gale Solarfarms, Tornado Solarfarms and Abha Solarfarms) in year 2016 to implement various renewable energy projects across the country, including the 70 MW solar projects in Maharashtra. These companies, which were acquired at face value, did not have any operations or assets at the time and were acquired primarily to be used as special-purpose vehicles for the proposed solar project.