CLP India and Suzlon enter into a Joint Venture for the Veltoor solar project in Telangana

Mumbai, 20th June 2016: #clpindia, one of the largest foreign investors in the Indian power sector, and #suzlon Group, one of the leading renewable #energy solutions providers in the world, announced their joint venture for a 100 MW solar project at Veltoor in Telangana. As per the agreement signed between #clpindia and #suzlon Group on June 14, 2016, #clpindia acquired 49% stake in SE Solar, a special purpose vehicle (SPV) set-up by #suzlon. #clpindia has the option to acquire the balance 51% in future.

The project is expected to be commissioned by May 2017 and will be funded 80% by debt and 20% by equity. #india is a primary growth market for CLP and the Veltoor solar project will make an important contribution to CLP's expansion plan. Besides, it will aid CLP to meet its target of having 20% of power generated by renewable #energy by 2020. Recently, #clpindia also signed a MoU with the State Government of Haryana to set up a 132 MW solar project at its Jhajjar power station.

More information available in the press release