RE Leader Suzlon Energy Sells Solar Subsidiary Vayudoot Solarfarms

Suzlon Energy, a manufacturer of wind turbines, approved the sale of its remaining 51.05% ownership interest in the subsidiary Vayudoot Solarfarms to Ahmedabad-based Aries Renewables, the firm reported in a National Stock Exchange filing. For a price of Rs 14.23 crore, Suzlon sold the remaining stake. 

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The company's net worth was Rs. 24.2 crore, and Vayudoot's revenue for the fiscal year that ended on March 31, 2022, was $14.5 crore. Suzlon has installed more than 19.5 GW of wind energy, which powers 1.272 crore households yearly. Suzlon is a reputable wind producer. More than $11 billion in assets are held by Suzlon in wind turbine generators (WTG) worldwide. To handle more than 9,500 WTGs with a combined installed capacity of more than 14 GW, the company leverages cutting-edge infrastructure, it maintains.

Suzlon has manufacturing facilities in 14 and research and development (R&D) facilities in 8 countries across which it operates. Suzlon announced a Rs 1200 crore rights offering of 240 crores partially paid-up equity shares last month. 1.8 times too many people wanted to buy the issue. 

In the second quarter of 2022, the company's profit increased by 555% to Rs 56.47 crore from a loss of Rs 12.4 crore during the same time in the previous year. Suzlon previously declared that it would create 144.9 MW worth of wind energy projects for the Aditya Birla Group. The turbine manufacturer will install 69 units of 2.1 MW-rated hybrid lattice tubular tower wind turbine generators.

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Recently, Suzlon Energy Limited announced the successful completion of the Rs. 240 crores partially paid-up equity share rights issue (the “Rights Issue”) that was first announced on October 11, 2022.