Leading wind turbine supplier Suzlon Energy Limited is on an aggressive expansion drive and is stepping up efforts to expand its presence in the renewable energy space.
The company, which was formerly the world’s fifth largest wind turbine supplier, has acquired as many as five small solar companies including Gale Solarfarms Pvt. Ltd, Tornado Solarfarms Pvt. Ltd, Abha Solarfarms Pvt. Ltd, Aalok Solarfarms Pvt. Ltd and Shreyas Solarfarms Pvt. Ltd.
The value of the acquisitions was undisclosed, but the companies were acquired at the face value at the minimum amount.
Suzlon, which accounts for 37 per cent of the wind installations in Asia’s third-biggest economy, will use these small companies as special purpose vehicles (SPVs) as it implements quite a large number of renewable energy projects in India including the 70 MW solar projects in Maharashtra that it recently bagged under the Solar Energy Corporation of India (SECI) latest tender.
Gale Solarfarms Pvt. Ltd, Tornado Solarfarms Pvt. Ltd, AbhaSolarfarms Pvt. Ltd, AalokSolarfarms Pvt. Ltd and ShreyasSolarfarms Pvt. Ltd do not have any operations or assets.
“These companies, which have been acquired at face value, do not have any operations or assets currently and have been acquired primarily to be used as special purpose vehicles for the proposed solar project,” the company stated.
The acquisition will help Suzlon Energy to leverage the execution expertise of these five solar firms in renewable energy projects.
Suzlon Energy also recently bagged 60MW solar projects in Rajasthan in the latest NTPC reverse e-auction.
The Suzlon Group has an international presence in as many as 19 countries spread across Asia, Australia, Europe, Africa, North & South America.
Suzlon has indicated that it will keep its solar energy business separate from its wind energy operations, a move aimed at helping investors participate in the business selectively.