The two projects won by Suzlon through competitive bidding and CLP India will acquire a 49% stake in the projects, the Joint venture marks CLP India's second solar project with Suzlon.
Indian power sector investment company CLP India and renewable energy solutions provider, Suzlon, on Tuesday announced a joint venture for two solar projects of 50 MW and 20 MW to be developed in Dhule, Maharashtra.
As per the agreement signed between CLP India and Suzlon Group on Monday, CLP India has agreed to acquire 49% stake in Gale Solarfarms Limited and Tornado Solarfarms Limited, two solar photovoltaic projects set-up by Suzlon. Going forward as per a clause in the agreement CLP India will have the option to acquire the remaining 51% stake in the future. Suzlon of course has been known mainly for its wind farms business, and the move into Solar seems to be a natural extension to hedge dependence, and build on its capabilities and familiarity with the renewables space.
Mr. Rajiv Mishra, Managing Director, CLP India said, “In the last 16 years, we have built one of the most diversified fuel mix portfolios in the country and we are committed to expanding our renewable energy portfolio on the back of supportive government policies. With wind energy, we have been able to grow our footprint to almost 1000 MWs 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.”
The projects that have already been commissioned, will be operated and maintained by Suzlon and the energy generated by these projects will be purchased by the Solar Energy Corporation of India Limited (SECI) through a 25-year Power Purchase Agreement (PPA). The PPA has a fixed tariff for 25 years at ₹4.115/kWh for the 20 MW project and ₹3.66/kWh for the 50MW project.
Mr J.P. Chalasani, Group CEO, Suzlon Group said, “We are glad to partner with CLP India for these two solar projects in Maharashtra. We are pioneers in the Indian wind energy and established a successful track record and leadership in the sector for over two decades. We are proud to have also proven our capabilities in solar with the execution of this 70 MW solar standalone project. We have commissioned a total of 340 MW solar projects including this and completed delivery of our entire solar order book. We are committed to partner with our customers to enable India’s transition to a low carbon economy. With our expertise now both in wind and solar, we are progressively working towards harnessing the emerging opportunities in Wind-Solar Hybrid. Our pan-India presence, comprehensive product portfolio, robust in-house R&D and best-in-class services gives us the competitive edge.”
Mr. Mahesh Makhija, Director, Business Development and Commercial (Renewables), CLP India said, “Renewable energy has been a key pillar for us in our growth journey. We believe the renewables sector has transformed over the years and introduced several international best practices that have enhanced ease of doing business and encouraged further investments. We believe in the potential growth of the sector and will continue evaluating sustainable projects. We have a long-standing association with Suzlon for both our wind and solar projects. We made our foray into solar energy with them for a 100 MW project in Veltoor. This project was recently awarded world’s first solar project quality certification, having exhibited the highest quality standards. We are confident that we will be able to continue driving operational excellence across all our projects”