Suzlon and CLP India enters JV for two solar projects in Maharashtra

Suzlon and CLP India today announced a joint venture (JV) for two solar projects of 50 MW and 20 MW in Dhule, Maharashtra. These two projects were won by Suzlon and CLP India will acquire 49 per cent stake in the JV for a cash consideration of Rs 39.06 crore.

As per the agreement signed between CLP India and Suzlon Group, CLP India has agreed to acquire 49 per cent stake in Gale Solarfarms Limited and Tornado Solarfarms Limited, two special purpose vehicles (SPV) set‐up by Suzlon. CLP India is having option that it can acquire remaining 51 per cent stake in future.

On the revenue front, Gale recorded revenue of Rs 0.72 crore and Tornado recorded revenue of Rs 6.09 crore during FY18.

CLP India is one of the largest renewable energy producers in India with operational and committed capacity of around 1100 MW across wind and solar. All wind projects are wholly owned by CLP.

Today, the stock opened at Rs 7.20 and made an intra-day low of Rs 6.89 on the BSE.