SHV Energy, a part of one of the largest global private trading groups SHV Holdings, has marked its foray into solar energy space by acquisition of a majority stake in Noida-headquartered SunSource Energy.
SHV Energy is expected to invest nearly Rs 1,800 crore in the next two years to ramp up solar energy generation capacity of SunSource Energy to 550 MW from the present 65 MW. The precise value of the deal is not known.
SunSource Energy is a solar solutions provider for commercial and industrial customers in India and South-East Asia.
This new partnership will directly benefit the company’s ability to expand its portfolio of projects for commercial and industrial customers.
SunSource Energy’s original investor NEEV, promoted by India’s largest commercial lender SBI and the UK government, has exited the company through the deal.
The investment will enable SunSource Energy to leverage SHV Energy’s global presence and expertise to emerge as a leading global distributed solar company.