The two companies will collaborate on the development of two 15 MW projects in the southern state of Telangana.
They will build the arrays in the town of Kamareddy and the village of Ramannapeta both near the city of Hyderabad under 25-year power purchase agreements (PPAs) at a tariff rate of 5.54 rupees ($0.08)/kWh.
Canadian Solar will take a 49% stake in two special purpose vehicles that Suzlon has established to develop the projects. While the venture with Suzlon marks its first major investment in the Indian solar sector, it has already supplied panels in the country, for projects such as a 25MW array in Bikaner, Rajasthan.
It will also supply PV modules and arrange project financing, in addition to helping to commission the projects at some point in fiscal 2017.
Electricity from the Ramannapeta project will be sold to Telangana Southern Power Distribution, while Telangana Northern Power Distribution will purchase power from the Kamareddy array.
Suzlon will oversee commissioning and provide operation and maintenance services.
Earlier this year, the Pune-based turbine manufacturer was awarded the rights to develop 210 MW of PV capacity in Telangana, including a 100 MW project, a 50 MW array and four more 15 MW installations.
Separately, Suzlon announced plans this week to develop 15 MW of solar in Bhainsa, Telangana, with Shanghai-based developer Unisun Energy.
The two companies will build the project at a tariff rate of 5.51 rupees/kWh over 25 years, wth Telangana State Northern Power Distribution serving as the off-taker.
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