Indian wind energy company Suzlon has announced its entry into the solar market with six new projects totalling 210MW to be set up in the state of Telengana.
The firm has won the projects through a competitive bidding process from the state utility Southern Power Distribution Company of Telangana Limited (TSSPDCL).
Go deeper with GlobalData
Suzlon Group chairman Tulsi Tanti said: "Solar and wind are complementary, hence we will leverage our project execution capabilities and end-to-end solutions to deliver solar projects."
Suzlon will be the developer and engineering, procurement and construction (EPC) provider for the six units planned to be built across the newly created Indian state, one of which will have 100MW capacity, another 50MW and the remaining four units 15MW capacity each.
The company will be developing the solar projects, which are to be commissioned during 2016-17, under six different Special Purpose Vehicle (SPVs).
See Also:
One of the SPVs is an existing subsidiary of Suzlon, while the other five have been acquired (by acquiring 100% shareholding) by the company.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSuzlon will be signing six Power Purchase Agreements (PPAs) for the projects this month with the state utilities for a 25-year term, it said.
Suzlon Energy International Operation and New Business CEO Rohit Modi said, "This 210MW project will reinforce our commitment to execute tangible capacities in solar energy every year while expanding our footprint. Suzlon will develop these projects on a turnkey basis."
India intends to increase its renewable energy capabilities and has set a target to develop 60GW of wind power and 100GW of solar power by 2022.
Suzlon is a leading wind turbine manufacturer worldwide and operates across 19 countries. The firm has a cumulative installation of nearly 15GW of wind power, of which 9GW is in India.
Image:The proposed solar projects are expected to be commissioned during 2016-17. Photo: courtesy of graur codrin/ FreeDigitalPhotos.net.
