Chennai-based SunEdison Infrastructure (formerly YKM Industries) has signed an agreement with US based Fenice Investment Group to sell shares in its subsidiary SILRES Energy Solutions for Indian rupees equivalent of US$ 2.5 million.

The expected date of completion of the investment is May 25, 2020

Fenice will subscribe to compulsorily convertible preference shares (CCPS) of SILRES at Rs 10 per CCPS.

“The number of CCPS to be subscribed by the investor [Fenice] will be determined once the rupee equivalent of the investment amount has been received by SILRES”—read a SunEdison statement.

SunEdison Infrastructure is engaged in EPC (engineering, procurement and construction) of solar water pumps, rooftop solar plants and ground-mount solar plants, and has identified battery-based energy storage as a focus area in addition to renewable energy projects.

The company [SunEdison] incurred losses for the quarter ended December 31, 2019 and for nine months ended December 31, 2019 and consequently its net worth fully eroded. However, considering the pipeline of projects for the next twelve months, the management expressed confidence that such losses would be recovered and the company would become profitable again.