SunEdison’s rooftop solar arm acquires Sherisha Solar

Share

Chennai-based SunEdison Infrastructure, through its arm SIL Rooftop Solar Power, has acquired 100% of the equity interests of promoter group company Sherisha Solar. As a result, Sherisha Solar has become step-down subsidiary of SunEdison Infrastructure Limited.

SunEdison Infrastructure, which is engaged in trading and solar EPC (engineering, procurement and construction) services, has identified battery-based energy storage as a focus area in addition to renewable energy projects. Its board of directors recently approved the proposal to alter the object clause of Memorandum of Association so as to reflect the company’s magnitude of operations in solar and storage post change in name from YKM Industries.

SIL Rooftop Solar was formed after the company noted in its annual report a frenzy in installation of mini solar plants on rooftops across India.

“Some Government Departments like Railways and other Navaratna’s have called for tenders to install such plants over their factories and offices. In the days ahead, we are expecting many more such tenders for distributed rooftop solar plants with guaranteed purchase of power by these enterprises to reduce their energy costs”—read the company statement in its annual report for FY2018-19.