Suzlon Group has formed a joint venture with Ostro Energy to build a 50MW solar plant at Wanaparthy in the Indian state of Telangana.
Under the terms of the deal, Ostro Energy will acquire a 49% stake in Prathamesh Solarfarms, a special purpose vehicle (SPV) set up by Suzlon to develop the project.
Ostro also has the option to acquire the other 51% of the SPV.
Telangana Southern Power Distribution Company will buy the power generated by the project.
Suzlon is responsible for commissioning and will also provide operation and maintenance services for 25 years.
The project is expected to be commissioned in financial year 2017 and will be funded 75% by debt and 25% by equity.
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