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Canadian Solar buys 30 MW of Indian solar from Suzlon

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Canadian Solar buys 30 MW of Indian solar from Suzlon


November 21 (Solar) – Suzlon Energy Ltd (BOM:532667) has completed the sale of the owners of 30 MW of solar projects in India to Canadian Solar Inc (NASDAQ:CSIQ).

Indian wind turbine manufacturer Suzlon said on Tuesday it has offloaded its subsidiaries Amun Solarfarms Ltd and Avighna Solarfarms Ltd for a total of INR 545.3 million (USD 7.7m/EUR 6.7m), it said in a bourse filing. Each of those companies owns a 15-MW solar photovoltaic (PV) project in the state of Telangana.

According to the statement, the transaction was carried out in two parts. Canadian Solar initially acquired a 49% stake in the two companies for INR 264.2 million, while the remaining 51% interest was sold in a separate deal for INR 281.1 million.

The turnover of Amun Solarfarms in the fiscal year ended March 2018 stood at INR 73 million, while that of Avigha Solarfarms came at INR 65 million.

(INR 10 = USD 0.140/EUR 0.123)


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