Suzlon, a wind turbine manufacturer and renewable energy
project developer, has entered into a joint venture (JV) with AMP Solar, a
global renewable power provider, to develop and construct a 15 MW solar project
at Achampet in Telangana. The project is expected to be commissioned in the
financial year 2017. AMP Solar will acquire a 49 percent stake in Rudra Solarfarms,
a special purpose vehicle (SPV) built by Suzlon to execute this project for a
cash consideration of Rs.140 million (~$2.06 million), and
has the option to acquire the remaining 51 percent stake a year after the
project is commissioned.
Suzlon will be responsible for project commissioning and
operation & maintenance (O&M) services for a period of 25 years. The
company signed a power purchase agreement with Telangana Southern Power
Distribution Company for a 25-year period at a tariff of Rs.5.599 (~$0.082)/kWh in February 2016.
With the formation of the JV with AMP Solar, Suzlon, to
date, has formed joint ventures to develop and construct the entire
210 MW capacity for which it had won bids in Telangana.
Indian renewables market is booming and this will be beneficial for our
investors and shareholders,” said
Pinaki Bhattacharya, CEO, AMP Solar (India), on the eve of the JV formation.
Mercom had previously reported that Suzlon had formed JVs
with CLP India, Unisun
Energy, Canadian Solar and Ostro
Energy to develop and construct projects aggregating 195 MW in Telangana.
According to Mercom’s India
Solar Project Tracker, Suzlon currently has 515 MW solar projects under
development at an average tariff of Rs.5.36 (~$0.0803)/kWh. The company does not
have any operational solar projects, to date.