Canadian Solar To Buy Out Suzlon In Two Solar Projects

Ontario-based Canadian Solar Inc. has acquired the 51% stake it didn’t already own in two solar power ventures with India’s Suzlon Energy Ltd.

Mumbai-listed Suzlon said in a stock-exchange filing on Tuesday it has sold the stake in Amun Solarfarms Ltd and Avighna Solarfarms Ltd for a total of Rs 28.11 crore.

Suzlon and Canadian Solar had entered into a joint venture in 2016 for these two solar power projects. At the time, Canadian Solar had picked up a 49% stake each in Amun and Avighna for a total of Rs 26.42 crore.

The two solar projects have a capacity of 15 megawatt each and are located in Telangana.

Amun Solarfarms registered revenue of Rs 7.3 crore for the year through March 2018 while Avigha Solarfarms reported revenue of Rs 6.5 crore.

This is the second such transaction by Suzlon within three months. In September, it agreed to sell a 49% stake each in two solar projects to CLP India Pvt. Ltd.

Pune-based Suzlon makes wind turbines and sets up solar projects. It has a presence in 18 countries. Its consolidated revenue from operations fell to Rs 8,292.25 crore for the year through March 2018 from Rs 12,692.53 crore the previous year.

Canadian Solar was founded in 2001 and operates in nearly 20 countries. It manufactures solar photovoltaic modules and also builds and operates power projects.

Last week, Mint reported that Australia’s Macquarie Group was looking to acquire the India solar power assets of Canadian Solar.

Canadian Solar has solar power assets with total capacity of around 160 megawatts in India, the report said.