Canadian Solar, a global module supplier and solar project developer, has announced that it has acquired remaining 51 percent stake in two solar power projects from Suzlon Energy, a leading wind turbine manufacturer and renewable energy project developer in India.

The two solar projects have a capacity of 15 MW each and are located in the state of Telangana.

In a BSE filing made by Suzlon, the company announced that it has completed the sale of stakes in two of its subsidiaries, Amun Solar Farms and Avighna Solar Farms for a total of ₹280.11 million (~$3.9 million). Initially, Canadian Solar had picked up a 49 percent stake in Amun and Avighna for a total sum of ₹260.42 million (~$3.6 million).

According to the BSE filing, Amun Solarfarms registered revenue of ₹73 million (~$977,200) for the year through March 2018 while Avigha Solarfarms reported revenue of ₹65 million (~$907,400).

It is important to note here that Suzlon, reported a net loss of ₹2.8 billion (~$38.86 million) in the second quarter of FY19, ending June.

This is the second transaction by Suzlon in the past few months. In September 2018, Mercom had reported that CLP India, one of the largest foreign investors in the Indian power sector and Suzlon entered into a partnership to develop 70 MW of grid-connected solar capacity. The two companies announced a joint venture (JV) for two solar PV projects of 50 MW and 20 MW in Dhule, located in the state of Maharashtra. Per the agreement signed between CLP India and Suzlon Group, CLP India had agreed to acquire 49 percent stake in Gale Solarfarms Limited and Tornado Solarfarms Limited, two special purpose vehicles (SPV) set up by Suzlon.

Suzlon is also intending to re-enter the international markets, buoyed by favorable global market circumstances.

On the other hand, Canadian Solar recently announced that its chief executive officer Shawn Qu has withdrawn his bid to take the company private after a special committee established by the company’s board recommended rejection of his bid. On December 9, 2017, Dr. Qu had filed a proposal to acquire all of the outstanding common shares of the company not already beneficially owned by Dr. Qu and his wife, Ms. Hanbing Zhang, in a “going-private” transaction for cash a consideration of $18.47 per common share.

Image credit: Flickr