Suzlon Trades Two Solar Subsidiaries to ReNew Power for ₹297.3 Million

Suzlon Energy Limited (Suzlon) has announced that it will sell two of its solar companies to Ostro Energy, a wholly owned subsidiary of independent power producer, ReNew Power. The two companies are Shreyas Solarfarms Limited and Aalok Solarfarms Limited.

Shreyas Solar owns and runs a 20 MW solar energy project in Jodhpur district in Rajasthan. According to Suzlon, Shreyas Solar conveyed turnover for the financial year ended March 31, 2018, of ₹75 million ($1.08 million) and a net worth of ₹95 million ($1.37 million). Suzlon has acknowledged ₹101 million ($1.46 million) on the sale of 26% of its existing stake in Shreyas Solar, and the balance of the stake is anticipated to be transferred on receipt of the outstanding consideration of ₹97.4 million ($1.41 million).

Aalok Solar owns and operates a 10 MW solar energy project in the similar region. The turnover of Aalok Solar for the financial year ended March 31, 2018, was ₹39.1 million ($560,000). The net worth of Aalok Solar as on March 31, 2018, was ₹49.8 million ($720,000). Suzlon acknowledged aggregate consideration of ₹50.6 million ($730,000) on the sale of 26% of its existing stake in Aalok Solar, and the balance of the stake is estimated to be conveyed on receiving a consideration of ₹48.7 million ($700,000), which is projected to be accomplished in due course.

Shreyas Solar and Aalok Solar will now conclude to exist as subsidiaries of Suzlon.