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Hong Kong-based CLP's India arm buys 49% in two Suzlon solar projects

Deal Street Asia 2018-09-12 06:32:41

CLP India, a wholly-owned subsidiary of Hong Kong-based CLP Holdings, has acquired a 49 per cent stake each in two of Suzlon’s solar projects in Dhule, Maharashtra, the Indian company announced on Tuesday.

As first part of the transaction, CLP would acquire 49 per cent stake in Gale (50 MW) and Tornado (20 MW) for a cash consideration of Rs.23.49 crores and Rs.15.57 crores respectively, the filing added.

CLP has the option to acquire the balance 51 per cent stake in the two solar projects, Gale and Tornado respectively, from the company one year after commercial operations date.

“The company has signed share purchase and shareholders’ agreement with CLP Wind Farms (India) Private Limited and Gale Solarfarrns Limited (Gale) and CLP and Tornado Solarfarrns Limited (Tornado), the subsidiaries of the company, for sale of Gale and Tornado,” Suzlon said in a BSE filing on Tuesday.

The turnover of Gale in the financial year 2018 was Rs.0.72 crores and its net worth as on 31st March 2018 was Rs.32.03 crores. On the other hand, the turnover of Tornado in FY18 stood at Rs 6.09 crores, whereas its net worth was Rs.14.08 crores.

Suzlon is responsible to provide comprehensive operation and maintenance services for these projects that are already commissioned.

“With wind energy, we have been able to grow our footprint to almost 1000 MWs 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,” Rajiv Mishra, Managing Director, CLP India said.

CLP India is the wholly owned subsidiary of CLP Holdings Ltd, which is listed on the Hong Kong Stock Exchange and is one of the leading investor‐owned power businesses in Asia. The company entered the Indian power sector in 2002, and currently has a total committed investment of over Rs14,500 crores.