Canadian Solar has completed its acquisition of two small solar units of Suzlon Energy for a total of INR544 million (US$7.7 million), according to a Suzlon filing on the Bombay Stock Exchange (BSE).
The filing stated: “The company has completed sale of Amun (Amun Solarfarms Ltd) and Avighna (Avighna Solarfarms Ltd) to Canadian Solar and accordingly Amun and Avighna have ceased to be the subsidiaries of the company.”
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As a first part of the transaction, Canadian Solar acquired a 49% stake in Amun and Avighna respectively for a combined cash consideration of INR264 million. In the second part of the transaction, Canadian Solar acquired a balance 51% stake in Amun and Avighna respectively for a combined cash consideration of INR281 million.
