A regulatory filing shows that Suzlon Energy Ltd sold its entire 51.05% stake at Vayudoot Solarfarms Ltd, its green power subsidiary, to Aries Renewables Pvt Ltd. The transaction was worth Rs 142.3 million.
Suzlon created Vayudoot Solarfarms in 2015 as a special purpose vehicle (SPV) to harness solar power.
Vayudoot Solarfarms has been removed from the company’s portfolio. Vayudoot Solarfarms had a turnover of Rs 145 millions in 2021-22, and its net worth was more than Rs 242 million.
Suzlon Energy had a debt of Rs 3200 crore for its wind turbines, which it hopes to pay off in the next eight year. It also launched a rights issue in October to repay Rs 585 crore of its current dues.
Suzlon is currently present in 17 countries and has received orders from Adani Green Energy to supply wind power.