Yinson takes control of Rising Sun Energy with increased stake

PETALING JAYA: Yinson Holdings Bhd has completed the acquisition of another 57.5% stake in India-based Rising Sun Energy Private Ltd with two operational solar plants in Rajasthan via its wholly-owned subsidiary Yinson Renewables (S) Pte Ltd.

Subsequently, it has a controlling interest in the solar plant operator with a 95% stake as it has previously acquired a 37.5% stake in the solar plant operator in March 2020.

With the acquisition, it will consolidate Rising Sun as a subsidiary in its financial statements.

The group said this in line with its vision to become a global energy solutions provider, and this marks an important step for its renewables division.

Its group CEO Lim Chern Yuan pointed out that this marks its first major solar acquisition since the division was established just over a year ago.

“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,” he said in a statement today.

In regards to the acquisition, Yinson’s renewables division CEO David Brunt remarked that India is a key market for it 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.”