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AMP Solar, a Canadian renewable developer, has acquired the remaining 51 percent stake in Rudra Solarfarms, a special purpose vehicle built by another renewable developer Suzlon to execute the 15 MW grid-connected solar photovoltaic project at Achampet in Telangana.
When contacted, a Suzlon executive confirmed the acquisition of the remaining stake by AMP Solar.  According to a BSE filing, AMP Solar acquired remaining 51 percent stake for ₹142.1 million (~$2 million). As on March 31, 2018, the valuation of Rudra Solarfarms stood at ₹90.8 million (~$1.28 million).
<a href="https://mercomindia.com/suzlon-partners-amplus-solar-develop-15-mw-solar-project/" target="_blank" rel="noopener">In December 2016</a>, AMP Solar had acquired a 49 percent stake in Rudra Solarfarms for a cash consideration of ₹140 million (~$1.97 million).
Suzlon had formed joint ventures with CLP India, <a href="https://mercomindia.com/suzlon-set-45-mw-solar-projects-telangana-canadian-solar-unisun-energy/" target="_blank" rel="noopener">Unisun Energy, Canadian Solar</a> and Ostro Energy to develop and construct projects aggregating 195 MW in Telangana.
This is the fourth such transaction by Suzlon in the past few months. <a href="https://mercomindia.com/canadian-solar-buys-30-mw-solar-suzlon/">In November 2018</a>, Canadian Solar acquired the remaining 51 percent stake in two solar power projects: Amun Solarfarms and Avighna Solarfarms, from Suzlon Energy for a total of ₹280.11 million (~$3.9 million). Initially, Canadian Solar had acquired a <a href="https://mercomindia.com/suzlon-set-45-mw-solar-projects-telangana-canadian-solar-unisun-energy/" target="_blank" rel="noopener">49 percent</a> stake in Amun and Avighna for a total sum of ₹260.42 million (~$3.6 million).
<a href="https://mercomindia.com/clp-india-acquisition-suzlons-tornado/" target="_blank" rel="noopener">In the past</a>, <a href="https://www.clpindia.in/" target="_blank" rel="noopener">CLP India</a>, one of the largest foreign investors in the Indian power sector, acquired 100 percent stake in Tornado Solarfarms for ₹324.9 million (~$4.61 million). In <a href="https://mercomindia.com/canadian-solar-buys-30-mw-solar-suzlon/" target="_blank" rel="noopener">September</a> 2018, Mercom had reported that CLP India and Suzlon entered into a partnership to develop 70 MW of grid-connected solar capacity.
Mercom previously <a href="https://mercomindia.com/suzlon-results-second-quarter-2019/" target="_blank" rel="noopener">reported</a> that <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon</a> reported a net loss of ₹2.8 billion (~$38.86 million) in the second quarter of FY19.
<a href="https://mercomindia.com/suzlon-to-enter-global-market/" target="_blank" rel="noopener">In June 2018</a>, Mercom reported that <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon</a> intends to re-enter the international market. “There was a time our exports were more than our domestic revenue. Then, we went through a financial crisis forcing us to slow down our international business and stabilise whatever assets we have. But now that we have regained our market position, we are planning to re-enter international market shortly. We hope to get some orders as early as next quarter,” JP Chalasani, had commented.
The company also <a href="https://mercomindia.com/suzlon-340mw-solar-commissioned/" target="_blank" rel="noopener">commissioned</a> 340 MW of solar projects across three states of Maharashtra, Telangana, and Rajasthan in March. <a href="https://mercomindia.com/suzlon-renew-power-wind-agreement/" target="_blank" rel="noopener">Suzlon</a> also bagged a repeat order of 96.6 MW from renewable energy project developer ReNew Power for the development of a wind project in the state of Karnataka.
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Canadian Firm AMP Solar Acquires Remaining 51% Stake in Rudra Solarfarms for $2 Million

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