SBI Offshore has cancelled its plans to form a joint venture (JV) in solar power with Gräss Group.
In August last year, SBI Offshore announced plans to acquire a 51% stake in four solar power plants and systems, plus two operating companies from the German renewable energy specialist for S$13.97m (then $10.12m).
The partners had also planned to form a JV company to be named Graess Energy Pte Ltd, which announced in October it had signed an agreement to supply solar power to the Maldives Government. The agreement included the supply and installation of solar panels to generate 1.5 megawatts of energy.
However, the joint venture, the asset acquisitions and the Maldives agreement have been terminated, SBI Offshore confirmed today.
“The company will work out with Gräss Group the details related to cessation and the closing down or disposal of Graess Energy Private Limited,” SBI said in an exchange filing. The JV has recorded no revenue to date.
In November last year, SBI also terminated its offshore rig design JV, Axon Rig Concept & Design Asia, which was formed in Singapore with Axon Energy Products in July 2014.