Dilip Shanghvi Family and Associates (DSA) will hold a 23% share of the company, with Suzlon group chairman Tulsi Tanti holding 24%.
Shanghvi is founder and managing director of multinational firm Sun Pharmaceuticals. He was ranked as India's second wealthiest man by Bloomberg in October 2014.
Tanti said the deal will allow the company to expand in the US, China, Brazil and South Africa in 2016.
As part of the deal, DSA and Suzlon will form a 50:50 joint venture to develop 450MW of projects within a "stipulated" time period.
The announcement was made as part of Suzlon's quarterly financial results, in which the group reported pre-tax earnings of $47 million.
Suzlon said it is the fourth consecutive quarter of posting positive profits.
Last month, Suzlon sold its German manufacturing subsidiary Senvion to equity firm Centrebridge Partners in a €1 billion ($1.14 billion) cash deal.