Canadian Solar, a global module supplier and solar project developer, has announced that it has acquired remaining 51 percent stake in two solar power projects from Suzlon Energy at a combined cash consideration of Rs 28.11 crore.
Suzlon and Canadian Solar had entered into a joint venture in 2016 for these two solar power projects. At the time, Canadian Solar had picked up a 49% stake each in Amun and Avighna for a total of Rs 26.42 crore.
The two solar projects – Amun Solarfarms Limited and Avighna Solarfarms Limited – have a capacity of 15 megawatt each and are located in Telangana.
In a its BSE filing, Suzlon Energy stated that it has completed sale of its arm Amun and Avighna to Canadian Solar for a total consideration of Rs 54.53 crore and Amun and Avighna have ceased to be the subsidiaries of the company.
According to the BSE filing, the turnover of Amun for financial year ended March 31 2018 was Rs 7.30 crore, while the net worth as on March 31, 2018 was negative Rs 2.78 crore.
While, Avighna’s turnover for the fiscal ended 31st March 2018 stood at Rs 6.50 crore, whereas the net worth was negative Rs 3.04 crore as on March 31, 2018