KUALA LUMPUR – Yinson Holdings Bhd’s (Yinson) wholly owned subsidiary, Yinson Renewables (S) Pte Ltd, has completed its acquisition of an additional 57.5% equity interest in Rising Sun Energy Pte Ltd (RSE).
In a filing with Bursa Malaysia today, Yinson said RSE is an India-incorporated company with two operational solar plants at the Bhadla Solar Park, Rajasthan, India.
It added that the company has acquired a 37.5% stake in RSE in March this year.
“With the completion of this latest transaction, Yinson now holds a controlling stake of 95%.
“Accordingly, the company will also consolidate RSE as a subsidiary in its financial statements,” it added.
Yinson’s Renewable Energy Division chief executive officer David Brunt said the acquisition provides a strong platform to grow the company’s renewables business in India.
“RSE’s dynamic team will be a great addition to the Yinson team, and India is a key market for us, with strong fundamentals underpinning the market potential.
“Along with the opportunities we are pursuing in several other markets, this gives us a strong base to grow our business and build a diversified pipeline of greenfield and more mature projects,” he said. – Bernama, December 24, 2020
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