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					</table><p>Tulsi R Tanti, the Founder, and Chairman of wind energy company <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a>, passed away Saturday evening in Pune. Tanti was in Ahmedabad, attending a chain of meetings on the company’s <a href="https://mercomindia.com/suzlon-raise-%e2%82%b912-billion-through-rights-issue/" target="_blank" rel="noopener">ongoing</a> ₹12 billion ($146.68 million) rights issue, and suffered from a cardiac arrest on his way back from the airport in Pune.</p>
<p>The Suzlon chief is survived by his wife and two children. The company said it would continue to be supported by its board of directors and senior management and will comply with all the reporting requirements in due course.</p>
<p>“With profound sadness, we inform you of the untimely demise of Tulsi R.Tanti, the Founder, the Chairman &amp; Managing Director, and one of the promoters of Suzlon Energy on 1st October 2022. Shri Tanti suffered a cardiac arrest and passed away the same day,” Suzlon Energy said in a regulatory filing.</p>
<p>Tanti served as the head of industry forums like the Indian Wind Turbine Manufacturers Association, CII National Committee on Make in India – Renewables, and co-chair of the India-Spain CEOs Forum. He was also a Board Director of the U.S.-India Business Council and served as a member of the Board of Management of TERI University, Governing Council of National Institute of Wind Energy and Coordination Committee, and Ministry of New and Renewable Energy.</p>
<p><strong>Wind Pioneer</strong></p>
<p>Regarded as the ‘Wind Man of India,’ Tanti founded Suzlon Energy in 1995 and began the wind revolution in India. Tanti is said to have conceptualized a new “end-to-end solution” to create realistic avenues for businesses to go green and emerged as a partner in developing sustainable businesses.</p>
<p>He was globally recognized for his achievements and conferred various awards, including the “Champion of the Earth” by the United Nations Environment Program in 2009 and “Hero of the Environment”’ by TIME magazine for his efforts in raising awareness and initiating action on global climate change.</p>
<p>Suzlon has a market capitalization of $1.5 billion, an installed capacity of more than 19.4 GW, and an international presence across 18 countries on six continents. The highest capacity of 14.40 GW is deployed across Asia as of June 2022.</p>
<p>In August, Suzlon Energy <a href="https://mercomindia.com/suzlons-revenue-up-21-yoy-%e2%82%b913-78-billion-q1-fy-2023/" target="_blank" rel="noopener">posted</a> net revenue of ₹13.78 billion (~$168.45 million) for the first quarter of 2022-23.</p>
<p>Recently the company <a href="https://mercomindia.com/daily-news-wrap-up-suzlon-to-supply-wind-turbines/" target="_blank" rel="noopener">announced</a> it had won an order to develop a 180.6 MW wind power project for Sembcorp’s renewables subsidiary Green Infra Wind Energy.</p>
<p>&nbsp;</p>
<p>(Image courtesy: Suzlon Energy)</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Wind Industry Veteran and Suzlon Energy Founder Tulsi Tanti Passes Away


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					</table><p>Indian multinational wind turbine manufacturer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy Limited</a> posted net revenue of ₹13.78 billion (~$173.52 million) for the first quarter (Q1) of the financial year (FY) 2022-23, a year-over-year (YoY) leap of 21% from ₹11.35 billion (~$142.92 million).</p>
<p>Suzlon’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the period totaled ₹2.14 billion (~$26.95 million), up 39% YoY from ₹1.54 billion (~$19.39 million) last year.</p>
<p>The company’s profit before tax (PBT) before exceptional items was ₹70 million (~$881,405), a substantial increase from a loss of ₹790 million (~$9.95 million) during the same period last year.</p>
<p>The wind turbine maker recorded a net profit of ₹24.33 billion (~$306.34 million) during the quarter through exceptional gains primarily on account of the conversion of financial instruments pursuant to refinancing.</p>
<p>The company has a global presence with 19.4 GW of installed wind capacities in North and South America, South Africa, Europe, Australia, and Asia. The highest capacity of 14.40 GW is deployed across Asia as of June 2022.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-39989" src="https://mercomindia.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph.png" alt="Suzlon Q1 FY23 graph" width="600" height="440" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-300x220.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-768x564.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-650x477.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-624x458.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-600x440.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>Suzlon occupies a cumulative market share of approximately 33% in India and a manufacturing capacity of 3.15 GW across the country.</p>
<p>Suzlon’s order book had a total of 692.4 MW of wind projects by the end of Q1, including 367.5 MW of projects won in central government auctions and 56.7 MW projects bagged from auctions hosted by state governments. In all, 268.2 MW of wind projects were under captive, retail, or public sector undertakings (PSUs). The order book comprises commitments from customers such as Adani group and Apraava Energy.</p>
<p>Suzlon’s CEO Ashwani Kumar observed, “The ramping up of our operations has been successfully achieved and stabilized. We are beginning to show growth and are well positioned to leverage the tremendous opportunity the renewables market offers in the coming years. We launched our larger turbines in the 3 MW to 3.15 MW series with a rotor diameter of 144 meters with an increased generation of ~45% over the S120 in low wind sites and are working on commercializing the same. While our order book remains healthy, executing orders to meet customer expectations is our priority for this financial year.”</p>
<p>The company has operations and maintenance services across 191 sites that rely on over 9,600 wind turbines. Suzlon reported $12 billion worth of assets under management (AUM) until the end of Q1 FY 2023, with 15.9 GW plus wind projects in eight countries worldwide.</p>
<p>The company is expecting the government’s recent <a href="https://mercomindia.com/government-mulls-feed-in-tariffs-renewable-projects/" target="_blank" rel="noopener">decision</a> to consider the removal of the e-reverse auction of wind energy projects to be a game-changer for the sector.</p>
<p>It also welcomed the recent <a href="https://mercomindia.com/power-ministry-notifies-wind-hydro-and-energy-storage-purchase-obligation/" target="_blank" rel="noopener">order</a> of the Ministry of Power, providing for a separate class for wind RPO (Renewable Purchase Obligation).</p>
<p>The Pune-based company <a href="https://mercomindia.com/suzlon-net-profit-q3-fy-2022/" target="_blank" rel="noopener">reported</a> a turnaround with a net profit after tax of ₹370 million (~$4.66 million) in Q3 of FY 2022, compared to the net loss of ₹130 million (~$1.64 million) in the previous quarter.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Wind Turbine Maker Suzlon’s Revenue Up 21% YoY to ₹13.78 Billion in Q1 FY 2023

<p>Wind turbine manufacturer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy Limited</a> has announced a 12.34% jump in its net revenue in the financial year (FY) 2021. The company’s net revenue stood at ₹32.95 billion (~$443 million) in FY 2021 compared to ₹29.33 billion (~$394.3 million) during the same time the year before.</p>
<p>The Pune-based firm narrowed down its net loss by 73% to ₹7.02 billion (~$94.38 million) in FY 2021 from ₹26.26 billion (~$353.08 million) in the previous financial year.</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITA) also saw a turnaround to ₹5.34 billion (~$71.81 million) profit from a loss of ₹8.60 billion (~$115.64 million) in the previous financial year.</p>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-27261" src="https://mercomindia.com/wp-content/uploads/2021/07/Suzlon-Energy-Logs-₹32.95-Billion-Revenue-in-FY-2021-Over-12-Jump-YoY.png" alt="Suzlon Energy Logs ₹32.95 Billion Revenue in FY 2021, Over 12% Jump YoY " width="606" height="519" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Suzlon-Energy-Logs-%E2%82%B932.95-Billion-Revenue-in-FY-2021-Over-12-Jump-YoY.png 606w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Suzlon-Energy-Logs-%E2%82%B932.95-Billion-Revenue-in-FY-2021-Over-12-Jump-YoY-300x257.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Suzlon-Energy-Logs-%E2%82%B932.95-Billion-Revenue-in-FY-2021-Over-12-Jump-YoY-600x514.png 600w" sizes="(max-width: 606px) 100vw, 606px" /></p>
<p>Ashwani Kumar, Chief Executive Officer of Suzlon Group, said, “For Suzlon, this was the first year of restarting our operations post debt restructuring. While our installation remained low, our strategic imperatives for the year were restarting our manufacturing facilities, ensuring the continuation of our OMS operations without interruptions, and fulfilling the obligations of our debt restructuring. However, exponential increase in commodity prices like those of steel has impacted our profitability significantly in India.”</p>
<p>The company reported that its net revenue stood at ₹11.2 billion (~$ 150.59 million) in the fourth quarter (Q4) of FY 2021 compared to ₹6.43 billion (~$86.44 million) in the same period last year, registering a 74% profit. Its net loss in Q4 2021 narrowed over 35% down to ₹5.3 billion (~$71.25 million) from ₹8.23 billion (~$110.64 million) in Q4 2020.</p>
<p>The company said its EBIDTA also saw a turnaround to ₹ 1.96 billion (~$26.34 million) in Q4 2021 from a loss of ₹3.67 billion (~$49.32 million) in the same period last year.</p>
<p>According to Suzlon, it has a global wind energy capacity of over 18.8 GW. The company has over 12.8 GW of installations in India, making up 33% of the country’s cumulative wind installations.</p>
<p>Last month, Suzlon Group <a href="https://mercomindia.com/suzlon-to-develop-a-252-mw-wind-project-for-clp-india/" target="_blank" rel="noopener">announced</a> that it had won an order from <a href="https://www.clpindia.in/" target="_blank" rel="noopener">CLP India</a> to develop a 252 MW wind power project. The project is in Sidhpur, Gujarat, and is expected to be commissioned in 2022.</p>
<p>In February 2021, the company <a href="https://mercomindia.com/suzlons-net-revenue-jumps-debt-restructuring/" target="_blank" rel="noopener">announced</a> a 43% jump in its net revenue in the third quarter (Q3) of FY 2021 after a ramp-up in its wind turbine generator business after debt restructuring.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Suzlon Energy Logs ₹32.95 Billion Revenue in FY 2021, Over 12% Jump YoY

<p>Wind turbine supplier and renewable energy developer <a href="https://www.suzlon.com/" target="_blank" rel="noopener noreferrer">Suzlon Energy Limited</a> has announced its quarterly and annual results for the financial year (FY) 2019. The company reported that its consolidated net loss for the last quarter (Q4) of the year (ending March 31, 2019) had reduced to <strong>₹</strong>2.94 billion ($35.6 million), a decrease of more than <strong>₹</strong>1.75 billion ($25 million) compared to the same period last year.</p>
<p>The company’s revenue from operations for Q4 FY19 stood at <strong>₹</strong>14.21 billion ($203 million), a decline of over 34% from the revenue of Q4 FY18.</p>
<p>On an annual basis, the company reported revenue of ₹49.78 billion ($710 million) and a net loss of ₹15.37 billion ($220 million) for FY 19. Suzlon’s revenue for FY 2018 stood at ₹82.92 billion (~$1.23 billion) while it registered a net loss of ₹3.84 billion (~$0.057 billion) for FY 2018.</p>
<p>The company stated that it has been able to achieve a market share of 39% and scale its market share for the fourth consecutive year. Suzlon&#8217;s order book stood at over 1,320 MW, which, according to the company, is one of the largest in the Indian wind industry. Suzlon also announced that it had commissioned 582 MW capacity of wind power projects during FY2019 period.</p>
<p>J P Chalasani, Group CEO of Suzlon, said, &#8220;We continued to maintain market leadership and deliver highest installations amidst a prolonged and challenging industry transition to the bidding regime. The achievement demonstrates our strong technical and project execution capabilities and over two decades of experience in the Indian market. We continued our excellent track record in operation and maintenance service by achieving 97.48% machine availability, highest to date. FY20 is expected to be a relatively high volumes market with central and state-level auctions in India. We are geared to capitalize on growth with our superior technology, vertically integrated operations, and best-in-class services. We will continue our R&amp;D efforts and remain at the forefront of developing technologically advanced and innovative wind turbines. We are committed to reducing our debt and are progressing well on strategic initiatives undertaken by the team.&#8221;</p>
<p>According to Suzlon, with increased electricity generation from renewable sources, grid integration requires more importance. It mentioned that various government agencies, turbine manufacturers, power producer, as well as utilities, are currently focussed on steps to be taken in this regard.</p>
<p>In <a href="https://mercomindia.com/suzlon-sells-solar-subsidiaries-renew/">April 2019</a>, Suzlon announced that it would sell two of its solar subsidiaries which operate solar projects of 30 MW capacity to Ostro Energy, a wholly owned subsidiary of independent power producer, <a href="https://renewpower.in/" target="_blank" rel="noopener noreferrer">ReNew Power</a>.</p>
<p>Before that, the company <a href="https://mercomindia.com/suzlon-sale-two-subsidiaries-clp-wind-farms/" target="_blank" rel="noopener noreferrer">announced</a> that it had completed the sale two of its subsidiaries to <a href="https://www.clpindia.in/" target="_blank" rel="noopener noreferrer">CLP Wind Farms (India) Ltd</a> (CLP). Suzlon stated that it had sold the remaining stake in its subsidiaries S.E Solar Limited and Gale Solar Farms Limited for a consideration of ₹765.5 million ($11.1 million) and ₹225.4 million ($3.3 million) respectively. CLP had acquired 49 percent stake in Gale from Suzlon in <a href="https://mercomindia.com/clp-india-suzlon-partner-70-mw-solar-maharashtra/" target="_blank" rel="noopener noreferrer">September 2018</a>. Gale operates a 50 MW solar power project in Dhule district of Maharashtra. The project is contracted under a 25-year power purchase agreement with Solar Energy Corporation of India Limited.</p>
<p>Mercom had reported <a href="https://mercomindia.com/suzlon-results-second-quarter-2019/" target="_blank" rel="noopener noreferrer">last year</a> when Suzlon announced a net loss of ₹2.8 billion (~$38.86 million) in the second quarter of FY19.</p>
<p>Image credit: Suzlon</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/shaurya/" class="vcard author" rel="author"><span class="fn">Shaurya Bajaj</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="wp-image-13448 alignleft" src="https://mercomindia.com/wp-content/uploads/2019/05/Screenshot-2019-04-17-at-4.26.41-PM-e1556814659545.png" alt="" width="118" height="124" /><span style="font-family: Calibri"><span style="color: #000000"><span>Shaurya is a staff reporter at MercomIndia.com with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom. </span></span></span></p>
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Suzlon Reduces its Net Loss by ₹1.75 Billion in Q4 of FY 2019

<p>Renewable project developer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a> has announced that it has completed the sale two of its subsidiaries to <a href="https://www.clpindia.in/" target="_blank" rel="noopener">CLP Wind Farms (India) Ltd</a> (CLP). In a recent filing, Suzlon stated that it is selling the remaining stake in its subsidiaries S.E Solar Limited (SE Solar) and Gale Solar Farms Limited (Gale) for consideration of ₹765.5 million ($11.1 million) and ₹225.4 million ($3.3 million) respectively.</p>
<p>The BSE filing by the company stated: &#8220;<em>In terms of Share Subscription / Share Purchase and Shareholders&#8217; Agreement executed by the company (Suzlon) and CLP Wind Farms (India) Private Ltd (CLP) with SE Solar Ltd and (b) Gale Solarfarms Ltd (Gale), the subsidiaries of the company, the Company has completed sale of securities of SE Solar and Gale held by the Company to CLP on March 25, 2019 and accordingly SE Solar and Gale have ceased to be subsidiaries of the Company.&#8221;</em></p>
<p>Suzlon also stated that the turnover of Gale for the financial year ending March 31, 2018, was ₹7.2 million ($104,178) and the net worth of Gale as on March 31, 2018, was ₹320.3 million ($4.65 million). The turnover of SE Solar for the same year was ₹544.3 million ($7.9 million) while the net worth of SE Solar was estimated at ₹1.59 billion ($23.1 million).</p>
<p>In its statement, Suzlon added that this transaction would not fall under the related party transaction as CLP does not belong to either any promoter or promoter group or group of companies.</p>
<p>CLP had forayed into solar energy projects by acquiring 49 percent stake in SE Solar in December 2017. The company operates a 100 MW solar project located in Veltoor, Mahbubnagar district in Telangana. The power generated from this project is being sold to Telangana Southern Power Distribution Company Limited.</p>
<p>CLP had acquired 49 percent stake in Gale from Suzlon in <a href="https://mercomindia.com/clp-india-suzlon-partner-70-mw-solar-maharashtra/" target="_blank" rel="noopener">September 2018</a>. Gale operates a 50 MW solar power project in Dhule district of Maharashtra. The project is contracted under a 25-year power purchase agreement with Solar Energy Corporation of India Limited.</p>
<p>Suzlon has been involved in several other deals over the last year.</p>
<p><a href="https://mercomindia.com/clp-india-suzlon-partner-70-mw-solar-maharashtra/" target="_blank" rel="noopener">In September 2018</a>, the two firms had entered into a partnership to develop 70 MW of grid-connected solar PV projects &#8211; 50 MW and 20 MW in Dhule, located in the state of Maharashtra. Per the agreement signed between CLP and Suzlon, CLP had agreed to acquire 49 percent stake in Gale Solarfarms and Tornado Solarfarms, two special purpose vehicles (SPV) set up by Suzlon. In <a href="https://mercomindia.com/clp-india-acquisition-suzlons-tornado/" target="_blank" rel="noopener">November 2018</a>, Suzlon completed the sale of Tornado Solarfarms to CLP for ₹324.9 (~4.61) million.</p>
<p><a href="https://mercomindia.com/canadian-solar-buys-30-mw-solar-suzlon/" target="_blank" rel="noopener">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).</p>
<p>In <a href="https://mercomindia.com/amp-solar-acquires-51-percent-stake-rudra-solarfarms/" target="_blank" rel="noopener">January 2019</a>, AMP Solar, a Canadian renewable developer, acquired the remaining 51 percent stake in Rudra Solarfarms, a special purpose vehicle built by Suzlon to execute the 15 MW grid-connected solar photovoltaic project at Achampet in Telangana.  <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).</p>
<p>Suzlon <a href="https://mercomindia.com/suzlon-results-second-quarter-2019/" target="_blank" rel="noopener">reported</a> a net loss of ₹2.8 billion (~$38.86 million) in the second quarter of FY19.</p>
<p>Image credit: Suzlon</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/shaurya/" class="vcard author" rel="author"><span class="fn">Shaurya Bajaj</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="wp-image-13448 alignleft" src="https://mercomindia.com/wp-content/uploads/2019/05/Screenshot-2019-04-17-at-4.26.41-PM-e1556814659545.png" alt="" width="118" height="124" /><span style="font-family: Calibri"><span style="color: #000000"><span>Shaurya is a staff reporter at MercomIndia.com with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom. </span></span></span></p>
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Suzlon Completes Sale of Two of its Solar Subsidiaries to CLP Wind Farms for ₹990 Million

<p>India Power Green Utility Private Limited (IPGUPL), a wholly owned subsidiary of India Power Corporation Limited, will co-develop 20 MW of solar in Uttarakhand in partnership with Punj Lloyd. The project will consist of two 10 MW solar projects.</p>
<p>For these projects, IPGUPL has acquired a 49 percent stake in PL Sunrays Power and PL Renewable, wholly owned subsidiaries of Punj Lloyd.</p>
<p>According to Mercom’s<em> India Solar Project Tracker</em>, PL Sunrays Power had won a bid to develop 10 MW of solar by quoting a tariff of Rs.5.99 (~$0.0896)/kWh and PL Renewable won a bid to develop 10 MW solar project by quoting a tariff of Rs.5.84 (~$0.0874)/kWh.</p>
<p>This is not a new model in the Indian solar sector. In <a href="https://mercomindia.wpengine.com/suzlon-set-45-mw-solar-projects-telangana-canadian-solar-unisun-energy/" target="_blank" rel="noopener noreferrer">October 2016</a>, Mercom had reported that Suzlon Energy, a renewable energy project developer, entered into partnerships with Unisun Energy and Canadian Solar to construct solar projects aggregating 45 MW in Telangana.</p>
<p><em>Image credit: By Schwnj (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons</em></p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/saumy-edited-1.png" alt="Saumy Prateek" /> Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University. <a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></p>
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