Suzlon Group, one of the leading renewable energy solutions providers in the world, and CLP India, one of the largest foreign investors in the Indian power sector has teamed up to develop a 100 MW solar project at Veltoor in Telangana.
As per the agreement, CLP India acquired 49 per cent stake in SE Solar, a special purpose vehicle (SPV) set-up by Suzlon. CLP India has the option to acquire the balance 51 per cent in future. The project is expected to be commissioned by May 2017 and will be funded 80 per cent by debt and 20 per cent by equity.
Tulsi Tanti, Chairman and Managing Director, Suzlon Group, said, “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 six years. I am confident, with the conducive policy environment and public-private partnership we will seize this opportunity to ensure sustainable, affordable and reliable energy for all. We look forward to continuing our long-standing relationship with CLP and contribute towards Nation's energy security.”
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 per cent 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.
Rajiv Mishra, Managing Director, CLP India, 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.”
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