Ostro Energy Private Limited, a subsidiary of ReNew Power Limited has initiated the acquisition of stake in Shreyas Solarfarms Limited and Aalok Solarfarms Limited, special purpose vehicles (SPVs), incorporated by Suzlon Energy Limited for the implementation of two solar power projects (20 MW and 10 MW) in Rajasthan.
Shreyas Solar and Aalok Solar own and operate a 20 MW and 10 MW solar energy project in Jodhpur district in Rajasthan, respectively. Currently, Suzlon has received Rs 101 million on the sale of 26 per cent of its existing stake in Shreyas Solar and the balance stake is expected to be transferred on receiving the remaining Rs 97.4 million. Meanwhile, Suzlon has received an aggregate consideration of Rs 50.6 million on the sale of 26 per cent of its existing stake in Aalok Solar and the balance stake is expected to be transferred on receiving Rs 48.7 million. The sale of entire stake in the two SPVs is expected to be completed by May 10, 2019.