Suzlon’s Tornado Solarfarms Acquired For ₹325 Million By CLP India

In Clean News, News, Renewable Energy

CLP India, one of the largest foreign investors in the Indian power sector, and domestic renewable energy project developer Suzlon have executed a deal for the sale of Tornado Solarfarms Limited to CLP. The purchase of 100 percent stake in Tornado Solarfarms Limited cost CLP India ₹324.9 million.

In September 2018, the two firms had announced a joint venture (JV) under which CLP India had agreed to acquire 49 percent stake in Tornado Solarfarms Limited, a special purpose vehicles (SPV) set up by Suzlon.

Now, CLP India has acquired the remaining 51 percent stake in Tornado Solarfarms Limited. According to a Bombay Stock Exchange (BSE) filing by Suzlon, “As first part of the transaction, CLP acquired 49 percent stake in Tornado for a cash consideration of ₹159.2 million.

And as the second part of the transaction, CLP acquired balance 51 percent stake in Tornado for a cash consideration of ₹165.7 million.”

 

 

 

 

 

 

Reference- Mercom India, The Hindu

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