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Business Economy


Suzlon and Ostro Energy join hands for 50 MW solar project in Telangana

Mumbai, Oct 26 (UNI) Wind Energy Major Suzlon Group, today announced joint venture with Ostro Energy for the development and construction of a 50 MW solar project at Wanaparthy site, Telangana.
According to the contract signed between Ostro Energy and Suzlon Group on October 24, 2016, Ostro Energy shall acquire 49 per cent stake in Prathamesh Solarfarms Limited, a special purpose vehicle (SPV) setup by Suzlon for executing this project.
Ostro Energy has the option to acquire the balance 51 percent in
future in accordance with the relevant rules and regulations. The offtaker of this project will be Telangana Southern Power Distribution Company Limited.
Suzlon will be responsible for the project commissioning and will also provide comprehensive operation and maintenance services for a period of 25 years.
The project is expected to be commissioned in financial year 2017 (FY17) and will be funded 75 percent by debt and 25 percent by equity.
Suzlon won solar projects of 210 MW in Telangana through a competitive bidding process and the PPAs for the same were signed in February, 2016. These include one project of 100 MW, one of 50
MW and four projects of 15 MW each.
J.P. Chalasani, Group CEO, Suzlon Group, said, ''Today, renewable energy sector is witnessing a positive momentum. The sector is committed to provide sustainable and affordable energy for all. We
believe if India's renewable potential is unlocked, it can transform the country's energy architecture to be dominated by clean energy sources. We look forward to our continuing partnership with Ostro and thereby contributing in the country's energy security''.
UNI JS NV PBP1237
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