Clean Future

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

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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