Netherlands-based conglomerate SHV Energy, 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-based SunSource Energy.
SHV Energy, a Dutch family-owned multinational, 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 by 2023. The precise value of the deal is not known.
SHV has been operating in India since 1996 through its industrial LPG brand ‘SUPERGAS’.
This new partnership will directly benefit SunSource’s ability to expand its portfolio of projects for C&I customers, with an overall ambition to grow to over a 1 gigawatt (GW) solar portfolio.
Founded in 2010, SunSource Energy is one of the leading distributed solar companies in India, providing solar solutions for commercial and industrial customers.
Initially SunSource focused on design and EPC (Engineering, Procurement, and Construction) of solar projects, and since 2018 it has successfully expanded to also invest in C&I solar projects to sell energy to its customers (IPP model).
SunSource also develops and invests in off-site C&I projects known as open access solar projects.
As part of this transaction, the original investor Neev fund, which is promoted by India’s largest commercial lender SBI and the UK Government, has obtained a successful exit.
Reference- SHV Energy Online Newsroom, Economic Times, SunSource Energy