The 6 projects will be commissioned in 2016-17.
Wind turbine manufacturer Suzlon announced its foray into the solar sector with 210MW Letters of Intent (LOIs) from the State utility, Southern Power Distribution Company of Telangana Limited (TSSPDCL). Suzlon won the projects through a competitive bidding process.
The 210MW of projects consist of six different capacity projects to be located across the State. This includes one project of 100MW, one of 50MW and four projects of 15MW each. These projects shall be commissioned in FY 2016-17.
In its press release, it said that these solar projects will be built under 6 different Special Purpose Vehicle (SPVs), of which 1 is an existing subsidiary of Suzlon, while following 5 have been acquired (by acquiring 100% shareholding), which will be used as the proposed Solar SPVs for the project: Amun Solarfarms Private Limited; Avighna Solarfarms Private Limited; Prathamesh Solarfarms Private Limited; Rudra Solarfarms Private Limited, and Vayudoot Solarfarms Private Limited.
These acquired companies do not have any operations or assets currently and are acquired primarily to be used as SPVs for the proposed solar projects. The acquisitions have been made at the face value.
Suzlon will sign six Power Purchase Agreements (PPAs) this month with the state utilities for a 25 year period. Suzlon will leverage its end-to-end clean energy solutions expertise to oversee the solar project from concept to commissioning.
In April 2015, the TSSPDCL invited bids for procuring 2000MW Solar PV projects through a tariff based, competitive bidding process with a unique distributed generation model to utilize the substation capacities across the state.
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