CLP India and Suzlon enter into a JV
Hyderabad, June 20 (INN): The CLP India and Suzlon have entered into a Joint Venture for the Veltoor solar project in Telangana.
The 100 MW project will be Suzlon's first project in the solar energy sector. The Joint venture marks CLP India's entry into the solar energy sector. This project is part of 210 MW projects won by Suzlon through competitive bidding in Telangana. The PPA has a fixed tariff for 25 years at Rs. 5.59/kWh. The CLP India has 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.
Tulsi Tanti, Chairman and Managing Director, Suzlon Group, said, 'Globally, renewable energy is witnessing a paradigm shift from being considered alternate to mainstream source of energy. 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. 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.'
J.P. Chalasani, Group CEO, Suzlon, said, 'Solar complements our existing strengths, infrastructure and experience in wind and we will leverage the same for executing solar projects. Similar to our business model in wind, we will offer end-to-end solutions in Solar by leveraging our existing project execution capabilities pan-India. We are glad to partner with CLP for the Telangana solar project and we see immense synergy in our resolve to enhance India's renewable energy portfolio.'
News Posted: 20 June, 2016
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