Under the terms of the joint venture, Ostro Energy will acquire a 49% stake in Prathamesh Solar Farms, a special purpose vehicle created by Suzlon for this project. Ostro will also have the option to take over the remaining 51% in the future.
With the governments thrust on renewables, and the government target to build 100 GW of solar energy projects by 2022, this is the right time for us to foray into solar energy, says Ranjit Gupta, Ostro Energy CEO. This joint venture is a significant step for the company, aligned to our vision to be a 1000 MW company in India by 2018.
The project is funded by 75% debt and 25% equity. Generated power will be purchased by Telengana Southern Power Distribution Company, with Suzlon responsible for the plants operations and maintenance over the plants 25 year operational period.
Both companies are newcomers to Indias solar sector; in fact this will be Ostro Energys first move into the industry. Suzlon is in its first year of solar operations, having entered the market back in January, winning the tender for 210 MW of projects in Telangana.
Formerly one of the worlds five largest wind developers, the company has used its success with wind to expand into solar, with a pipeline of more than 500 MW. The partnership with Ostro is the fourth set up by Suzlon this year, other partners include Unisun Energy (15 MW), Canadian Solar (30 MW) and CLP India (100 MW).
Today, the renewable energy sector is witnessing a positive momentum, states Suzlon Group CEO J.P Chalasani. We look forward to continuing our partnership with Ostro and thereby contributing to the countrys energy security.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.