Power sector investor CLP India Pvt. Ltd has agreed to pick up 49% stake each in two solar energy projects of renewable power solutions firm Suzlon Energy Ltd, according to a press release.
The two projects located at Dhule in Maharashtra are Gale Solarfarms Ltd (50 megawatt or MW) and Tornado Solarfarms Ltd (20 MW).
CLP India is buying the stake in Gale for Rs 23.49 crore ($3.2 million) and Torando for Rs 15.57 crore ($2.1 million). It can acquire the balance 51 % stake in the two projects.
Suzlon is responsible for providing operation and maintenance services for these projects that are already running.
“With wind energy, we have been able to grow our footprint to almost 1,000 MW and we are confident of steadily building on our solar energy footprint. We already have two wind energy projects in Maharashtra and we are happy to add another two solar projects here,” said Rajiv Mishra, managing director of CLP India.
Earlier in 2016, CLP India had acquired 49% stake in 100 MW solar power project of Suzlon at Veltoor in Telangana.
CLP India is a wholly-owned subsidiary of Hong Kong-listed CLP Holdings Ltd. It entered India in 2002, with the acquisition of a 655 MW gas-fired power plant at Bharuch in Gujarat.
It also owns and operates a 1,320 MW coalâ€fired power plant at Jhajjar in Haryana.
CLP India has a portfolio of over 3,000 MW, which includes renewable energy, supercritical coal and gas-fired power plants. It has operational and committed capacity of around 1,100 MW across wind and solar power projects.
Pune-based Suzlon Group is a renewable energy solutions provider with a presence across 18 countries. The company’s consolidated revenue from operations stood at Rs 8,292.25 crore for the year through March 2018, down from Rs 12,692.53 crore for the previous financial year.
As on 30 June, the company’s order book stood at 1,134 MW.