Suzlon to sell 49% stake in solar project to Canadian firm AMP Solar

Wind turbine maker Suzlon Energy Ltd on Thursday said it would sell a 49% stake in its special purpose vehicle (SPV) Rudra Solarfarms Ltd to Canadian solar firm AMP Solar Group for Rs14 crore, months after signing similar deals with Ostro Energy Pvt. Ltd and CLP India Pvt.Ltd for its solar projects.

AMP Solar will have an option to acquire the remaining 51% stake in the SPV. Power produced by the project will be sold to the Telangana State Southern Power Distribution Co Ltd at a tariff of Rs5.599 per kilo-watt hour under a 25-year power purchase agreement (PPA).

Suzlon will be responsible for commissioning the 15 megawatt (MW) project and providing operation and maintenance (O&M) services for a period of 25 years. The project, located in Achampet, Telangana is expected to be commissioned in financial year 2017, Suzlon said in a statement on Thursday. Read more….