Suzlon Energy acquires 5 solar companies to implement projects

NEW DELHI: Suzlon Energy has acquired five small solar companies for an undisclosed sum to implement various renewable energy projects across the country.

"The company has acquired Gale Solarfarms, Tornado Solarfarms, Abha Solarfarms, Aalok Solarfarms and Shreyas Solarfarms to implement various renewable energy projects across the country, including the recently won solar projects in Maharashtra of 70 MW," Suzlon said in a BSE filing today.

These companies, which have been acquired at face value, do not have any operations or assets currently and have been acquired primarily to be used as SPVs for the proposed solar project, the wind energy solutions provider added.

Shares of the company were trading 4.80 per cent up at Rs 15.28 apiece on BSE.