 "Suzlon forays into solar power with 210 Mw project in Telangana")
Wind energy major Suzlon group forayed in the solar power sector by grabbing 210 Mw project in Telangana.
Suzlon won the projects through a competitive bidding process called by Southern Power Distribution Company of Telangana Limited (TSSPDCL). The cumulative 210 Mw consists of six different capacity projects to be located across the states. This includes one project of 100 Mw, one of 50 Mw and four projects of 15 Mw each
The company said in a statement that these solar projects would be built under six different Special Purpose Vehicle (SPVs) to be commissioned during 2016-17. One of the SPV is an existing subsidiary of Suzlon, while five have been acquired (by acquiring 100% shareholding).
These SPVs are Amun Solarfarms Private Limited, Avighna Solarfarms Private Limited, Prathamesh Solarfarms Private Limited, Rudra Solarfarms Private Limited and Vayudoot Solarfarms Private Limited. Suzlon will sign six Power Purchase Agreements (PPAs) this month with the state utilities for a 25 year period.
These acquired companies do not have any operations or assets currently and are acquired primarily to be used as SPVs for the proposed solar projects. The acquisitions have been made at the face value, said the company.
In April 2015, the TSSPDCL invited bids for procuring 2000 Mw Solar PV projects through a tariff based, competitive bidding process with a distributed generation model to utilize the substation capacities across the state.
Suzlon is country's leading wind turbine maker with operations in 19 countries. It has a cumulative installation of approximately 15 Gw of wind energy capacity, out of which 9 Gw is in India.