Suzlon Energy acquires 5 renewable energy firms
In its expansion bid to implement projects across the country, Suzlon Energy, one of the leading renewable energy solution providers globally, has acquired five small companies in India for an undisclosed sum.
The company, in a statement, said that it has acquired five solar companies to implement several projects in renewable energy across India. These companies are Aalok Solarfarms, Abha Solarfarms, Gale Solarfarms, Shreyas Solarfarms and Tornado Solarfarms. This also includes the solar projects of 70 MW, recently won in Maharashtra.
Suzlon Group, a market leader in India with a global footprint, informed that these companies have been acquired on par value and they currently do not have any assets or operations.
They have been acquired mainly to be used as special purpose vehicles (SPVs), which would then be utilised for solar power projects, the renewable energy solutions provider added.
Suzlon has more than 100 wind farms spread across nine states in India, with an installed capacity of 9,000 megawatt. The company is also known for developing few of Asia's biggest operational onshore wind farms in the states of Rajasthan, Gujarat, Tamil Nadu and Maharashtra.