Ostro Energy Private Limited has completed the acquisition of Prathamesh Solarfarms Limited- a special purpose vehicle (SPV) incorporated by Suzlon Energy Limited for implementation of 50 MW solar PV power project in Wanaparthy.
As first part of the transaction, Ostro Energy acquired 49 per cent stake in Prathamesh Solarfarms. As second part of the transaction, Ostro Energy acquired the balance 51 percent stake in Prathamesh for a cash consideration of Rs 570.9 million. The agreement for the sale of stake was signed on January 30, 2019.
The 50 MW project is part of the 210 MW projects that Suzlon won in Telangana in August 2015 under the 2,000 MW solar tender that was issued by Telangana State Southern Power Distribution Company Limited.