Suzlon acquires five solar companies to implement various renewable energy projects

Suzlon Energy Ltd on Tuesday announced that it has acquired five solar energy companies for an undisclosed sum to help implement various renewable energy projects across the country.

The firm informed BSE in a regulatory filing that it has acquired Gale Solarfarms, Tornado Solarfarms, Abha Solarfarms, Aalok Solarfarms and Shreyas Solarfarms to implement various renewable energy projects across the country, including the recently won solar projects in Maharashtra of 70 MW.

Suzlon in a statement said “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, which has a presence in more than 17 countries, has a cumulative installed capacity of approximately 15 Gw of wind energy. It recently entered into the solar power space and bagged 210 Mw project in Andhra Pradesh and 70 Mw in Maharashtra.