“India is a key market for SHV Energy and this investment underpins our long-term commitment to the region and advancement of renewable energy solutions,” Bram Gräber, CEO, SHV Energy said.
LPG distributor acquires majority stake in Indian C&I solar firm SunSource Energy
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SunSource said the deal will help it expand it solar portfolio to more than 550MWp by 2023. Image: SunSource Energy.
SHV Energy, a Netherlands-based liquified petroleum gas (LPG) distributor, has acquired a majority stake in Indian solar developer SunSource Energy.
The deal is expected to ramp up SunSource’s distributed solar generation capacity to more than 550MWp by 2023, helping it boost its commercial and industrial (C&I) PV portfolio. Co-founders Kushagra Nandan and Adarsh Das will continue to run the company and remain shareholders.
Founded in 2010, SunSource is an EPC contractor and solar project designer, and since 2018 has expanded to invest in C&I plants to sell energy to customers through an independent power producer model. It has solar projects in 24 Indian states and also has a presence in Southeast Asia.
Dutch SHV Energy to invest Rs 1800 cr in SunSource Energy in 2 yrs
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Synopsis
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 the acquisition of a majority stake in Noida-headquartered SunSource Energy.
Agencies
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 the acquisition of a majority stake in Noida-headquartered SunSource Energy.
SHV Energy, a Dutch family-owned multinational and global LPG distributor, is expected to invest nearly Rs 1,800 crore in the next two years to ramp up the 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.