CLP India and Suzlon enter into a Joint Venture for the Veltoor solar project in Telangana

CLP India, one of the largest foreign investors in the Indian power sector, and Suzlon Group, one of the leading renewable energy solutions providers in the world, announced their joint venturefor a 100 MW solar project at Veltoor in Telangana. As per theagreement signed between CLP India and Suzlon Group on June 14, 2016, CLP India acquired49% stake in SE Solar, a special purpose vehicle (SPV) set-up by Suzlon. CLP India has the option to acquire the balance 51% in future. The project is expected to be commissioned by May 2017 and will be funded 80% by debt and 20% 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 will aid CLP to meet its target of having 20% of power generated by renewable energyby 2020. Recently, CLP India also signed anMoU with the State Government of Haryana to set up a 132 MW solar projectat its Jhajjar power station.

Rajiv Mishra, Managing Director, CLP India, said, “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.” Tulsi Tanti, Chairman and Managing Director, Suzlon Group, said, “Investments in both wind and solar have garnered traction owing to the improving cost competiveness enabled through technology advancements and the need to transition from fossil fuel dominated energy architecture. The target of 175 GW renewable energy by 2022 outlined by the government of India, offers an opportunity of over 100 GW solar in the next 6 years.”

For more information
Web: www.suzlon.com