Chennai-based renewable energy company SunEdison Infrastructure Limited (formerly YKM Industries Limited) has informed that its subsidiary SIL Rooftop Solar Power Private Limited (SIL), has acquired 100% fully paid-up equity share capital along with voting rights of Sherisha Solar Private Limited (SSPL).
The company announced this development through a recent corporate filing at the Bombay Stock Exchange (BSE).
With this acquisition, Sherisha Solar has become a “step-down subsidiary” of SunEdison. In the BSE Filing stated that this acquisition has been in effect since January 3, 2020.
Sherisha Solar Private Limited, also a Chennai-based solar company, was founded in 2015 and is involved in the generation of electricity by tapping into solar energy.
SunEdison Infrastructure Limited works on the other hand works as an installer of solar water pumps, rooftop solar systems, among other service offerings.
In July 2019, Mercom reported that SunEdison intends to acquire two companies, Megamic Electronics Private Limited and Enrecover Energy Solutions Private Limited, for $21.2 million. The acquisition was valued at ₹10 million ($0.14 million) along with a 0.3% of equity shares of SunEdison in exchange for a 51% stake in Megamic Electronics.
The company then had stated in its BSE filing that the acquisition was expected to help the company in delivering high-performance solar assets to the customers with improved customer service and visibility.
Another acquisition news in the past included Ayan Renewable Solar, acquiring 13,91,896 equity shares representing 31% of the equity share capital of SunEdison.
According to Mercom Capital Group‘s 9M and Q3 2019 Solar Funding and M&A Report, project acquisition activity was lower in 9M 2019, with 15.9 GW of solar projects acquired, compared to 23.6 GW acquired in the same period last year.
In Q3 2019, a total of 34 projects for a combined 4.3 GW were acquired. Project developers were the major acquirers of solar assets and accounted for about 2.2 GW of acquisitions in Q3 2019, followed by investment firms and funds, which picked up 739 MW of projects and utilities and independent power producers which acquired 536 MW of projects.
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.