Indian power sector investment company CLP India has announced a joint venture with Indian renewable energy solutions provider Suzlon that will lead to the development of two new PV projects in Dhule, Maharashtra.
One project will have a combined generation capacity of 50MW, while the other will have a generation capacity of 20MW. According to the agreement, CLP India has agreed to acquire a 49% stake in Gale Solarfarms Limited and Tornado Solarfarms Limited, two special purpose vehicles (SPV) established by Suzlon.
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Going forward, CLP India has the option to acquire the additional 51% stake in both SPVs.
Once commissioned, the two projects will be operated and maintained by Suzlon. Energy generated by these projects will be purchased by the Solar Energy Corporation of India Limited (SECI) through a 25-year PPA.
Rajiv Mishra, managing director at 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 1000MW 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.”
J.P. Chalasani, Group CEO at Suzlon Group, added: “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 70MW solar standalone project. We have commissioned a total of 340MW solar projects including this and completed delivery of our entire solar order book.”