Suzlon has sold its majority stake in Rudra Solarfarms for Rs 142.10 million. It had set up the subsidiary, in partnership with AMP Solar, in order to execute a 15 MW solar project in Telangana. Rudra Solarfarms is an SPV set up by Suzlon in partnership with AMP Solar for executing a 15 MW solar project in Telangana. Image: Extempore/Flickr Suzlon Energy has completed the sale of its subsidiary Rudra Solarfarms to AMP Solar. The turnover of Rudra for the financial year ended March 31, 2018, was Rs 123 million and the net worth was Rs 90.8 million. The company sold its majority stake in Rudra for Rs 142.10 million. Rudra Solarfarms is a special purpose vehicle (SPV) set up by Suzlon in partnership with AMP Solar for executing a 15 MW solar project in Telangana. The 15 MW project, located at the Achampet site, Mahaboobnagar District, is a part of 210 MW solar projects won by Suzlon in Telangana through competitive bidding. As per the contract signed between Suzlon Group and the AMP Solar in 2016, the latter acquired a 49% stake in Rudra Solarfarms, with the option to acquire the balance of the 51% stake in the future. The off-taker of the solar project is Telangana State Southern Power Distribution Company Limited. Last year, in a similar deal, Suzlon Energy sold subsidiaries Amun Solarfarms and Avighna Solarfarms, in Telangana, to Chinese-Canadian developer Canadian Solar for Rs 545 million. The company set up the units as special purpose vehicles for two solar projects of 15 MW each, at Ramannapet and Kamareddy. Based in New Delhi, Uma reports on the latest PV market trends and projects in India. An MSc Physics (Electronics) and MBA, she has over a decade of experience in technology journalism. More articles from Uma Gupta
Canadian clean energy provider solar Solar has acquired the outstanding 51 % of Rudra Solarfarms from Suzlon Energy for INR142.10 m ( $ 2 billion ) . AMP and Suzlon set up Rudra Solarfarms in 2016 as a special purpose vehicle to carry out a 150 MW solar project in Telangana , one of several projects contracted to Suzlon , which total 150 MW .