One of the largest foreign investors in India’s power sector, CLP India Pvt. Ltd has bought a 49% stake in Suzlon Energy for Rs.73.5 crore.
The company is building a 100 megawatts (MW) solar energy plant at Veltoor in Telangana.
The deal with Suzlon marks CLP India’s foray in the fast-growing solar energy sector.
As the second part of the transaction, CLP will have the option to acquire the remaining 51% stake in SE Power after a year from the commercial operations date, as allowed under the power purchase agreement (PPA), said CLP and Suzlon in a joint statement on Monday.
The project is expected to be commissioned by May 2017 with 80 per cent of debt and 20 per cent equity, the statement said.
The net worth of SE Solar as on 31 March is Rs.30 crore, the statement added.
