Suzlon Energy Ltd declared that it has agreed to sell a 49 per cent stake in the company that will execute a 50-MW solar project in India’s Telangana state to Ostro Energy Pvt Ltd.
The Indian wind-focused renewables company has teamed up with Ostro Energy to develop and construct the solar park. The two will jointly own the project company, Prathamesh Solarfarms Ltd, but Ostro will have the right to acquire Suzlon’s remaining 51 per cent interest in the future.
Upon completion this fiscal year, Suzlon will provide operations and maintenance (O&M) services for the plant for a period of 25 years. The solar power facility will be selling its output to local discom Telangana Southern Power Distribution Company.
Last week, Suzlon announced similar solar power joint ventures with Canadian Solar Inc and the Unisun Energy Group. The company won 210 MW of solar capacity through a competitive bidding process in Telangana earlier this year.
By Baishakhi Dutta