CLP signs joint venture agreement with Suzlon for 70 MW solar power project in Maharashtra

CLP India Private Limited has signed a JV agreement with Suzlon Energy Limited for development of a 70 MW solar PV power project in Maharasthra. As per the agreement, CLP India has agreed to acquire 49 per cent equity stake in two special purpose vehicles (SPVs) set up by Suzlon — Gale Solarfarms Private Limited and Tornado Solarfarms Private Limited. As the first part of the transaction, CLP would acquire stake in Gale and Tornado for cash considerations of Rs 234.9 million and Rs 155.7 million respectively. As the second part of the transaction, CLP has the option to acquire the balance 51 per cent stake in Gale and Tornado respectively from the company after one year of the commercial operation date, as permissible under the PPA, at a value derived as per the then prevailing pricing guidelines.

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