CLP India, a wholly-owned subsidiary of Hong Kong-based CLP Holdings, and one of the largest foreign investors in India’s renewable space, has acquired 49 per cent stake in two of Suzlon’s solar projects in Dhule, Maharashtra.

The total capacity of the two commissioned projects is 70 MW.

“As per the agreement signed between CLP India and Suzlon Group on September 10, CLP India has agreed to acquire 49 per cent stake in Gale Solarfarms Ltd and Tornado Solarfarms Ltd, two special purpose vehicles (SPV) set up by Suzlon,” CLP India said in a statement.

The Power Purchase Agreement (PPA) has a fixed tariff for 25 years at ₹4.115 per unit for the 20 MW project and ₹3.66 per unit for the 50 MW with Solar Energy Corporation of India Ltd to off-take the power. CLP India has the option to acquire the balance stake of 51 per cent in these projects, the company added, and Suzlon will continue providing operation and maintenance (OEM) services.

CLP has made its foray into solar energy in 2016 through a similar agreement with Suzlon for its 100 MW project in Veltoor, Telangana

Evaluating projects

“With wind energy, we have been able to grow our footprint to almost 1000 MW and we are confident of steadily building on our solar energy footprint,” Rajiv Mishra, Managing Director, CLP India.

According to Mahesh Makhija, Director, Business Development and Commercial (Renewables), CLP India, the company will continue evaluating sustainable projects.

JP Chalasani, Group CEO, Suzlon Group, said Suzlon, which ventured into the solar space in 2016, has commissioned a total of 340 MW solar projects, including the two partly acquired by CLP India.

With our expertise in wind and solar, we are progressively working towards harnessing the emerging opportunities in wind-solar hybrid,” he added.