CLP India and Suzlon Group have formed a joint venture to set up a 100-MW solar project in Veltoor in Telangana State.

Under the agreement, CLP India acquired 49 per cent stake in SE Solar, a special purpose vehicle set up by Suzlon, for Rs.73.5 crore.

CLP India, a wholly-owned subsidiary of CLP Holdings Ltd., listed on Hong Kong Stock Exchange, has the option to acquire the balance 51 per cent, according to a statement on Monday.

The Veltoor project is expected to be commissioned by May 2017 and will be funded 80 per cent by debt and 20 per cent equity.

“We remain keen (to invest in solar) and continue to explore such projects to expand our renewable energy footprint in Telangana and across India,” said Rajiv Mishra, Managing Director, CLP India.

The company is keen to invest in solar in India to complement its wind portfolio. The Veltoor Project is its first joint venture. Suzlon Group CEO J.P.Chalasani said CLP and Suzlon had successfully collaborated in the past for wind projects and “we will continue to partner for powering a greener tomorrow.” Suzlon won solar projects of 210 MW, including the 100 MW project, in Telangana through competitive bidding process.

The power purchase agreements (PPAs) were signed in February.

source: http://www.thehindu.com / The Hindu / Home> News> Cities> Hyderabad / by N. Ravi Kumar / Hyderabad – June 21st, 2016