CLP India, Suzlon seal deal on 100MW solar project in Telangana

The project will be commissioned by May 2017.

CLP India and Suzlon Group announced their joint venture for a 100 MW solar project at Veltoor in Telangana.

As per the agreement signed between CLP India and Suzlon Group on June 14, 2016, CLP India acquired 49% 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 energy by 2020. Recently, CLP India also signed a MoU with the State Government of Haryana to set up a 132 MW solar project at its Jhajjar power station.

Suzlon won solar projects of 210 MW in Telangana through a competitive 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 15MW each.