New Delhi: Canadian Solar Inc. and China’s Unisun Energy Group bought 49% stakes in solar projects being developed by Suzlon Energy Ltd.
Suzlon’s stock rose the most in a month on Wednesday, climbing as much as 6.7% to Rs.15.31 a share. It closed 2.8% higher, at Rs.14.75 a share, following its statement that the deals will provide solar farms in southern India with the top-tier technologies and financing needed to begin operating in the 2017 financial year.
Canadian Solar bought a 49% stake in two 15-MW solar projects in Telangana, Suzlon said in a statement on Wednesday. Unisun Energy took a 49% stake in a third 15-MW project, the Pune, India-based company said.
Suzlon, India’s second-largest wind turbine maker, won the right to build 210 MW of solar projects at an auction in January. The award included a 100-MW project, a 50-MW project and four 15-MW projects in Telangana. Suzlon has now found equity partners to share in 145 MW of development costs.
“These projects mark our first investment in the Indian solar sector and shall contribute to our global pipeline of 2.4 gigawatt of projects in late-stage development,” Canadian Solar vice president Steve Iyer said in the statement. Bloomberg