| Log in
solar Photo Credit: Shah Junaid/VCCircle

CLP picks 49% stake in Suzlon’s solar project

20 June, 2016

CLP India Pvt. Ltd, one of the largest foreign investors in India’s power sector, has acquired a 49% equity stake in SE Solar, a solar power project of wind turbine maker Suzlon Energy Ltd, for Rs 73.5 crore, as per a stock market disclosure.

SE Solar is building a 100 megawatt (MW) solar energy plant at Ventoor in Telangana. The plant is part of a 210 MW project for which Suzlon received letters of interest in January and has signed long-term power purchase agreements (PPAs) with state utilities.

Suzlon will still build the project on an engineering, construction and procurement (EPC) basis and hold a 51% stake for a year from day when commercial operations begins, as mandated by the PPA.

As part of the deal, CLP will have the option to acquire the remaining 51% stake in SE Power after a year, as allowed under PPA, the statement said.

The project is expected to be commissioned by May 2017 with 80% of debt and 20% equity. The net worth of SE Solar as on 31 March is Rs 30 crore, the statement said.

CLP India is a wholly-owned subsidiary of CLP Holdings Ltd which is listed on the Hong Kong Stock Exchange and is one of the leading investor-owned businesses in Asia.

CLP is one of the largest foreign investors in Indian power sector with a total committed investment of over Rs 14,000 crore. CLP entered the country in 2002 with the acquisition of a 655 MW gas fired power plant in Bharuch, Gujarat.

It is planning to invest about $1 billion for setting up over 1 gigawatt (GW) of solar power capacity within five years. India aims to set up 100 GW of solar capacity and 60 GW of wind capacity by 2022.

Like this report? Sign up for our daily newsletter to get our top reports.


Leave Your Comment
Actis-backed Ostro Energy strikes maiden deal for solar project

Actis-backed Ostro Energy strikes maiden deal for solar project

TEAM VCC 1 year ago
Ostro Energy Pvt. Ltd, the renewable energy platform set up by private equity...
Exclusive: Actis-backed Ostro buying string of solar projects from Suzlon for $150 mn

Exclusive: Actis-backed Ostro buying string of solar projects from Suzlon for $150 mn

Debjyoti Roy 6 months ago
Ostro Energy Pvt. Ltd, the renewable energy platform set up by private equity...
IFC may lend $34.3M to SEI Solar, $40M to PE-backed PTC India Financial Services

IFC may lend $34.3M to SEI Solar, $40M to PE-backed PTC India Financial Services

Bhawna Gupta 5 years ago
International Finance Corporation (IFC), the private sector investment arm of...
No Comments

CLP picks 49% stake in Suzlon’s solar project

Powered by WordPress.com VIP