India: Energy Suzlon and Ostro Energy Join Hands for 50 MW Solar Project in Telangana
Suzlon Group, one of the leading renewable energy solutions providers in the world, has announced a joint venture with Ostro Energy for the development and construction of a 50 MW solar project at Wanaparthy site, Telangana.
Pune/India – According to the contract signed between Ostro Energy and Suzlon Group on October 24, 2016, Ostro Energy shall acquire 49 per cent stake in Prathamesh Solarfarms Ltd, a special purpose vehicle (SPV) set-up by Suzlon for executing this project. Ostro Energy has the option to acquire the balance 51 per cent in the future in accordance with the relevant rules and regulations.
The offtaker of this project will be Telangana Southern Power Distribution Company Ltd. Suzlon will be responsible for the project commissioning and will also provide comprehensive operation and maintenance services for a period of 25 years. The project is expected to be commissioned in financial year 2017 (FY17) and will be funded 75 per cent by debt and 25 per cent by equity.
Suzlon won solar projects of 210 MW in Telangana through a competitive bidding process and the PPAs for the same were signed in February, 2016. These include one project of 100 MW, one of 50 MW and four projects of 15 MW each. CEO, Ostro Energy, Ranjit Gupta said, “With the government’s thrust on renewables and the target to build 100 GW of solar energy projects by 2022, this is the right time for us to foray into solar energy. This joint venture for our first solar project in Telangana is a significant step for the company towards a balanced energy portfolio. This is aligned to our vision to be a 1000 MW renewable energy company in India by 2018.”
Group CEO, Suzlon Group, JP Chalasani said, “Today, the renewable energy sector is witnessing a positive momentum. The sector is committed to provide sustainable and affordable energy for all. We believe if India’s renewable potential is unlocked, it can transform the country’s energy architecture to be dominated by clean energy sources. We look forward to our continuing partnership with Ostro and thereby contributing in the country’s energy security.”