SunEdison to Acquire 36% Stake in Sherisha Solar with a Capital Infusion of ₹187 Million

SunEdison's subsidiary acquired Sherisha Solar Private Limited in January 2020

December 17, 2020


The board of directors of the Chennai-based renewable energy company, SunEdison Infrastructure Limited, has approved a capital contribution of ₹187 million (~$2.5 million) in Sherisha Solar Limited Liability Partnership (LLP).

SunEdison’s subsidiary, SIL Rooftop Solar Power Private Limited (SIL), had acquired 100% fully paid-up equity share capital and voting rights of Sherisha Solar Private Limited in January 2020. With this acquisition, Sherisha Solar became a step-down subsidiary of SunEdison.

According to the internal restructuring decision, SunEdison intends to acquire a direct stake in Sherisha Solar LLP. SunEdison’s partnership interest of 36% in Sherisha Solar represents 99.99% of the economic interest in its revenues, profits, and losses in Sherisha Solar LLP.

Incorporated on January 12, 2015, Sherisha Solar Pvt Ltd was converted into Sherisha Solar Limited Liability Partnership (LLP) on October 29, 2020. Sherisha Solar LLP’s capital on December 11, 2020, stands at ₹344.17 million (~4.6 million).

According to SunEdison’s filing with the Bombay Stock Exchange (BSE), this is a related party transaction. Anil Jain is the promoter and one of the ultimate shareholders of the company, as well as SIL Rooftop Solar. SIL Rooftop holds a 64% partnership interest in Sherisha Solar LLP. Sherisha Solar LLP is engaged in power generation and consultancy services.

In June this year, SunEdison had entered into a framework agreement to restructure and transfer under-construction commercial and industrial (C&I) and other businesses of the company to SunEdison Energy Solutions Private Limited, a newly formed joint venture. SunEdison Energy Solutions is a joint venture company of Sherisha Infrastructure Private Limited, Fenice Investment, South Lake One LLC, and a company proposed to be set up in the United Kingdom by Pashupathy Capital Private Limited.

According to Mercom’s 9M and Q3 Solar Funding and M&A Report, 42 corporate solar mergers and acquisitions (M&A) transactions (11 disclosed for $7 billion) were announced across the globe in the first nine months of 2020, compared to 57 transactions (ten disclosed for $600 million) in 9M 2019. In the third quarter of 2020, 17 solar M&A transactions were executed (five disclosed for $6.8 billion) compared to 13 transactions in the previous quarter.


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