Suzlon Energy has finalized its acquisition of a 51 percent equity stake in Renom Energy Services Private Limited (Renom), marking a significant step in the company’s strategic growth. According to a filing with the stock exchange on September 6, this acquisition elevates Renom to the status of a subsidiary within the Suzlon Group.
Earlier in August, Suzlon announced its intention to acquire a 76 percent stake in Renom Energy Services for a total consideration of Rs 660 crore. This acquisition is being executed in two distinct phases. The initial phase involves acquiring a 51 percent shareholding in Renom, for which Suzlon has committed Rs 400 crore.
The remaining 25 percent stake will be acquired in the second phase, which is expected to occur within 18 months from the completion of the first phase, with an additional investment of Rs 260 crore. Suzlon’s move to acquire Renom is strategically significant. Renom Energy Services is renowned as the largest multi-brand operations and maintenance service provider in India.
The company manages an extensive portfolio including 1,782 megawatts (MW) in wind energy, 148 MW in solar energy, and 572 MW in balance of plant (BOP) services, catering to a diverse range of customer segments. This acquisition is anticipated to enhance Suzlon’s capabilities and position Renom as a leading independent service provider and custodian of multi-brand renewable energy assets.
The strategic acquisition will also enable Renom to access and target over 32 gigawatts (GW) of non-Suzlon wind energy assets currently available in the country. This expanded reach will bolster Renom’s ability to offer comprehensive service solutions and capitalize on new opportunities in the renewable energy sector.
In other recent developments, Suzlon Energy has executed a conveyance deed with OE Business Park Pvt Ltd for the sale of its corporate office, known as “One Earth Property.” This transaction aligns with the company’s broader strategic goals and asset management strategies.
On the trading front, Suzlon Energy’s share price experienced some pressure on Friday, reflecting a broader market downturn. The stock closed at Rs 74.95 per share on the NSE, marking a decline of 1.38 percent. However, over the past year, Suzlon’s share price has delivered impressive returns, rising by 214.26 percent. Over the past three years, the stock has surged by a remarkable 1236.85 percent, according to BSE data.
Suzlon Energy is a leading global renewable energy solutions provider specializing in wind and solar power. With a focus on sustainable energy and technological innovation, Suzlon offers comprehensive services including project development, manufacturing, and maintenance. The company is committed to advancing clean energy initiatives and expanding its presence in international markets.
