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
