CLP completes acquisition of Tornado Solarfarms in Maharashtra

CLP India Private Limited has completed the acquisition of Tornado Solarfarms Private Limited, a special purpose vehicle (SPV) set up by Suzlon Energy for the implementation of 70 MW solar photovoltaic project in Maharashtra. Earlier, CLP had acquired 49 per cent stake in Tornado Solarfarms for Rs 159.2 million. As second part of the acquisition, CLP acquired the balance 51 percent stake in Tornado for Rs 165.7 million.

Suzlon Energy implemented the project in two phases. In phase 1 and phase 2 50 MW and 20 MW of capacity was implemented respectively. In 2015, bids for the development of 500 MW of solar projects were invited by Solar Energy Corporation of India Limited in Maharashtra. Of the total capacity, 70 MW project was awarded to Suzlon. Besides, in April 2016, Suzlon acquired five small solar companies which acted as SPVs to implement the project. The five companies were Gale Solarfarms, Tornado Solarfarms, Abha Solarfarms Private Limited, Aalok Solarfarms Private Limited and Shreyas Solarfarms Private Limited.

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