Suzlon Sells Rudra Solarfarms to AMP Solar for Rs 142.1 million

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Rudra Solarfarms is a special purpose vehicle (SPV) that had been established by Suzlon, in partnership with AMP Solar, for executing a solar project of 15 megawatt (MW) in the state of Telangana

Suzlon Energy, a world leader in renewable energy solutions, has sold its majority share in its subsidiary Rudra Solarfarms for Rs 142.1 million to Canadian company AMP Solar, which is involved in developing and operating solar energy projects.

Rudra Solarfarms is a special purpose vehicle (SPV) that had been established by Suzlon, in partnership with AMP Solar, for executing a solar project of 15 megawatt (MW) in the state of Telangana. The 15 MW solar project, which is located at the Achampet site, in the district of Nagarkurnool, is a part of 210 MW solar projects bagged by Suzlon in the state of Telangana by way of competitive bidding.

Pact signed in 2016

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In 2016, Suzlon Group and AMP Solar had signed a pact, with the Canadian firm acquiring a minority stake of 49 per cent in Rudra Solarfarms. The contract also included an option that says the Canadian firm can acquire the remaining 51 per cent stake in the future. The counter party of the solar project is the electricity distribution company owned by the Government of Telangana – Telangana State Southern Power Distribution Company Limited (TSSPDCL).

For the financial year 2017-18, Rudra Solarfarms recorded a turnover of Rs 123 million and the company’s net worth was Rs 90.8 million.

In 2018, Suzlon Energy, in a similar deal, sold its two subsidiaries – Amun Solarfarms and Avighna Solarfarms – for Rs 545 million to Chinese-Canadian solar photovoltaic manufacturing company Canadian Solar. The company established the units as SPVs for two solar projects of 15 MW each, at Kamareddy and Ramannapet in the state of Telangana.

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