CLP India and Suzlon, India's largest renewable energy solutions provider, today announced a joint venture for two solar projects of 50 MW and 20 MW in Dhule, Maharashtra. As per the agreement signed between CLP India and Suzlon Group on September 10, 2018, CLP India has agreed to acquire 49% stake in Gale Solarfarms and Tornado Solarfarms, two special purpose vehicles (SPV) set‐up by Suzlon.

CLP India has the option to acquire the balance 51% stake in the future. Suzlon is responsible to provide comprehensive operation and maintenance services for these projects that are already commissioned.  

J.P. Chalasani, Group CEO, Suzlon Group said, ''We are glad to partner with CLP India for these two solar projects in Maharashtra. We are pioneers in the Indian wind energy and established a successful track record and leadership in the sector for over two decades. We are proud to have also proven our capabilities in solar with the execution of this 70 MW solar standalone project. We have commissioned a total of 340 MW solar projects including this and completed delivery of our entire solar order book. We are committed to partner with our customers to enable India’s transition to a low carbon economy. With our expertise now both in wind and solar, we are progressively working towards harnessing the emerging opportunities in Wind‐Solar Hybrid. Our pan‐India presence, comprehensive product portfolio, robust in‐house R&D and best‐in‐class services gives us the competitive edge.''

Shares of the company gained Rs 0.05, or 0.7%, to trade at Rs 7.17. The total volume of shares traded was 589,086 at the BSE (10.28 a.m., Tuesday).