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-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 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. 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 said adding his company would not be looking at more solar acquisitions in India.
Industry insiders said SHV Energy was engaged in negotiations with solar firm Fourth Partner Energy.