Renewable energy firm Suzlon Group today announced joint ventures with Canadian Solar and Unisun Energy for three solar projects in Telangana.
The JV with Canadian Solar is for two solar projects of 15 MW each in Ramannapet and Kamareddy, while another 15-MW project will be set up in Adilabad district in partnership with Shanghai-based Unisun Energy Group.
Canadian Solar shall acquire 49 per cent stake in Avighna Solarfarms Ltd and Amun Solarfarms Ltd, the special purpose vehicles (SPVs) set up by Suzlon for executing the projects in Ramannapet and Kamareddy, the company said in a press release.
According to the statement, Canadian Solar shall provide its top-tier solar PV modules, arrange project financing and contribute its technology expertise to ensure the commissioning of these projects in the current fiscal.
The offtaker of Ramannapet project will be Telangana Southern Power Distribution Company Ltd and for Kamareddy project, it will be Telangana Northern Power Distribution Company Ltd.
Suzlon will be responsible for project commissioning and providing comprehensive operation and maintenance services for a period of 25 years.
Canadian Solar Vice President (Operations) Steve Iyer said, "These projects mark our first investment in the Indian solar sector and shall contribute to our global pipeline of 2.4 GW of projects in late-stage development."
In another statement, Suzlon announced a JV with the Shanghai-based Unisun Energy Group for the development and construction of a 15 MW solar PV project at Bhainsa, Adilabad district.
According to the contract signed between Suzlon and Unisun Energy on August 22, 2016, the latter shall acquire 49 per cent stake in Vayudoot Solarfarms Limited, a special purpose vehicle (SPV) set-up by Suzlon for executing this project.
Unisun Energy has the option to acquire the balance 51 per cent stake in future in accordance with relevant rules and regulations.
The offtaker of the Vayudoot project will be Telangana State Northern Power Distribution Company Limited (TSNPDCL).
Suzlon will be responsible for project commissioning and providing comprehensive operation and maintenance services for a period of 25 years. The project is expected to be commissioned this fiscal.
Unisun Energy Group CEO Peng Hao said, "We believe that India has a favourable solar policy, which creates a conducive environment for us. We have partnered with Suzlon given their reliable project execution capabilities."
Suzlon won solar projects of 210 MW in Telangana through a competitive bidding process and the PPAs for the same were signed in February 2016. These include one project of 100 MW, one of 50 MW and four projects of 15 MW each.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)