About six months after Suzlon Energy secured its very first win in a solar power auction, the company announced that the state agency has issued it letters of intent for the projects.
Suzlon Energy emerged as one of the largest successful bidder in what was India’s single largest solar power tender. State authorities in the southern Indian state of Telangana announced results of the 2 GW solar power tender in August last year, wherein Suzlon Energy secured 210 MW capacity in the competitive auction.
Suzlon Energy will set up one project each of capacity 100 MW and 50 MW and four projects of 15 MW capacity each. The company stated that these projects will be commissioned in FY2016-17, i.e. by March 2017. The projects shall enter 25-year power purchase agreement with one of the state utilities.
Suzlon Energy had announced its plans to foray into the expanding Indian solar power market in late 2014. The company had significant financial strain on its books, due to huge debt, and was facing competition in the wind energy market. With the government expected to withdraw some incentives for the wind energy sector soon, the company seems to have decided to switch to the solar power sector.
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