CLP India and Suzlon enter Joint Venture for 100MW solar project in Telangana

CLP India, one of the major investors in Indian power sector, and Suzlon Group, a provider of renewable energy solutions, have entered into a joint venture for a 100MW solar project at Veltoor village located in the South Indian state of Telangana.

Under the deal, CLP India purchased 49% stake in SE Solar, a special purpose vehicle (SPV) set-up by Suzlon.

In future, the company also holds an option to acquire remaining 51% from Suzlon.

The project is expected to be commissioned by May next year, and will be funded 80% by debt and 20% by equity.

India is one of the important markets for CLP, and the new project will not only strengthen its expansion plans in the country but also will help in meeting 20% of power generated by renewable energy by 2020.

CLP India managing director Rajiv Mishra said: "Our approach to the market evolves around the
kind of opportunities available as well as the prevailing policy framework.

"We have been keen to invest in solar in India to complement our Wind portfolio, and have evaluated projects that will be value-enhancing for our shareholders, whilst being attractive for our customers.

"The Veltoor solar project meets both the criteria. We believe that the state of Telangana has a favourable solar policy, which creates a conducive environment for us.

"We remain keen and will continue to explore such projects to expand our renewable energy footprint in Telangana and across India."

CLP India also signed a Memorandum of Understanding (MoU) with the State Government of Haryana for construction of 132 MW solar project at its Jhajjar power station.