Hong Kong-based electric company CLP's wholly-owned subsidiary CLP India has formed a joint venture (JV) with renewable energy solutions provider Suzlon Group to develop a 100MW solar project at Veltoor in Telangana.
The company has taken a 49% stake in SE Solar, which is a special purpose vehicle (SPV) developed by Suzlon. Also included is the provision for CLP India to later acquire the remaining 51% shares.
To be funded 80% by debt and 20% by equity, the project is expected to be commissioned by May next year.
CLP India's renewables business development and commercial director Mahesh Makhija said: "CLP's growing investments in renewable energy underlines our determination to reduce greenhouse gas emissions and help tackle climate change.
"We have added capacity at a steady pace to become one of the leading independent windpower producers in the country. With the Veltoor solar project, we are now one of the largest renewable energy producers in India with operational and committed capacity of around 1,100MW across wind and solar.
"We believe that Suzlon can leverage its project execution capabilities to deliver the Veltoor solar project successfully."
The 100MW Veltoor project will be Suzlon's first project in the solar energy sector and will help CLP India meet its target of having 20% of power generated by renewable energy by 2020.
Image: CLP India and Suzlon will set up 100MW solar project in Telangana. Photo: courtesy of dan / Freedigitalphotos.