CLP India, Suzlon enter JV for solar project

New Delhi, June 20: Wind turbine maker Suzlon Group on Monday said it has entered into a pact with CLPIndiafora100mwsolar project at Veltoor in Telangana.

CLP India acquired 49 per cent stake in SE Solar, a special purpose vehicle (SPV) set-up by Suzlon, as per the agreement signed between CLP India and Suzlon last week.

CLP India, a subsidiary of Hong Kong-based power company CLP, has the option to acquire the remaining 51% in future, the company said in a statement.

Theprojectisexpectedto be commissioned by May and will be funded 80 per cent by debt and 20 per cent by equity.

India is a primary growth market for CLP, and the Veltoor solar project will make an important contribution to CLP's expansion plan. Besides, it willhelpCLPtomeetitstarget to generate 20% of power by renewable energy by 2020.

The 100 mw project will be Suzlon's first venture in the solar energy sector.

Recently, CLP India signed an MoU with Haryana government to set up a 132 MW solar project at its Jhajjar power station.

“WehavebeenkeentoinvestinsolarinIndiatocomplementourwindportfolio, andhaveevaluatedprojects that will be value-enhancing for our shareholders... We will continue to explore such projects to expand our renewableenergyfootprint in Telangana and across India,” Rajiv Mishra, managing director, CLP India, said.

Suzlon has won solar projects of 210 mw in Telanganathroughacompetitive bidding process, and the Power Purchase Agreements (PPAs) for the same were signed in February, 2016.

These include one project of 100 mw, one of 50 mw and four projects of 15 mw each. “Globally, renewable energyiswitnessingaparadigm shift from being considered alternate to mainstream source of energy,” Suzlon Group's chairman andmanagingdirectorTulsi Tanti said. PTI