One of the largest solar power companies in the world, Canadian Solar, has entered one of the fastest growing solar power markets – India.
Listed at Bombay Stock Exchange, Suzlon Energy recently reported that it sold 49% equity stake each in two solar power projects to Canadian Solar. The projects, each with 15 MW installed capacity, are located in the southern state of Telangana.
Suzlon Energy also sold 49% stake in another 15 MW solar power project to Shanghai-based Unisun Energy. Both, Canadian Solar and Unisun Energy, shall have the right to acquire the balance 51% stake in the projects.
Canadian Solar acquired the equity stake through its Singapore-based arm. It shall also be responsible for arranging debt funding for the projects. The projects are expected to be commissioned in the next financial year.
Suzlon Energy secured rights to develop solar power projects in Telangana through competitive auction. The company shall develop a total of 210 MW capacity – one project each of capacity 100 MW and 50 MW and four projects of 15 MW capacity each.
Earlier this year, the company also sold 49% stake in the 100 MW project to CLP India. Suzlon Energy is likely to construct, commission, operate and maintain the power project. CLP India will have the option to fully buyout Suzlon’s stake after 1 year of project commissioning.