KUALA LUMPUR: Yinson Holdings Bhd has completed its acquisition of an additional 57.5 per cent stake in Rising Sun Energy Pte Ltd (RSE), an India-based company with two operational solar plants in the Bhadla Solar Park, Rajasthan.
Yinson had bought a 37.5 per cent stake in RSE in March 2020.
"With the completion of this latest transaction, Yinson now holds a controlling stake of 95 per cent. Accordingly, Yinson will also consolidate RSE as a subsidiary in its financial statements," it said in a statement today.
The company said the acquisition was an important step in growing its renewables division, in line with its vision to become a global energy solutions provider.
"In a little over a year since our renewables division was established, Yinson has completed its first major solar acquisition and successfully built a lean and experienced team.
"The team is actively building a strong pipeline of projects that we believe will deliver a strong, sustainable performance for the Group in the years to come," said Yinson group chief executive officer Lim Chern Yuan.
Yinson renewables division chief executive officer David Brunt said the completion of the acquisition provided a strong platform from which to grow the group's renewables business in India.
"The transaction brings with it a dynamic team in RSE which will be a great addition to the Yinson team. India is a key market for us with strong fundamentals underpinning the market potential.
"Together with opportunities we are pursuing in several other markets, it gives us a strong base on which to grow our business and to build a diversified pipeline of greenfield and more mature projects," Brunt added.