Dutch conglomerate and global leader in LPG distribution, SHV Energy has treaded into India’s solar energy space by acquiring a majority stake in Noida based SunSource Energy—a leading provider of distributed energy for commercial and industrial customers in India and South-East Asia.
Though the exact value of the deal is not known, SHV Energy is expected to use the investment to ramp up its solar energy generation capacity to 550 megawatt (MW) from the present 65MW.
SunSource Energy’s co-founders Kushagra Nandan and Adarsh Das will continue to run the company and remain shareholders.
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.
SHV Energy chief executive officer Bram Graber said the company is looking forward to long-term cooperation with SunSource Energy and is committed to funding its solar projects that are in pipeline. “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,” Graber added.
Going forward, with this acquisition SHV is looking to strengthen the company’s ability to expand its portfolio of projects for commercial and industrial customers. SHV Energy has operated in India since 1996 via its industrial LPG brand ‘SUPERGAS’.
Commenting on the transaction, Das, from SunSource Energy said, “We are delighted that SHV Energy has partnered with us. We are happy to have a like-minded strategic long-term investor on board who believes in our model of sustainable development and decentralised energy solutions. This investment will enable us to leverage SHV Energy’s global presence and expertise to emerge as a leading global distributed solar company.”
Nandan said SunSource Energy will be able to draw strength from SHV Energy’s global experience in energy markets tested processes and business practices. “We look forward to contributing further towards India’s clean energy goals, and offer more products that continue to solve energy transition challenges faced by commercial and industrial customers,” he said.
SunSource Energy, founded in 2010, is a leading provider of solar solutions with over 300 high-quality solar power projects across 24 states in India and in South-East Asian countries. The company develops, builds owns and operates solar power projects for its customers and manages the entire development process of the distributed power plants. It uses proven technologies to provide innovative solutions to large commercial and industrial establishments, including pharmaceuticals, data centres, cement, other process industries, and re-powering of islands with solar-storage hybrid solutions.