CLP India and Suzlon have announced that it has 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 Rs. 324.9 (4.61) million.
In September 2018, the two firms had announced a joint venture (JV) under which CLP India had decided to obtain 49 percent stake in Tornado Solarfarms Limited, a special purpose vehicles (SPV) set up by Suzlon.
Now, CLP India has purchased the enduring 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 Rs.159.2 ($2.26) million. And as the second part of the transaction, CLP acquired balance 51 percent stake in Tornado for a cash consideration of Rs.165.7 ($2.35) million.”
As per Suzlon, “The revenue of Tornado in the preceding financial year (FY18) was Rs.60.9 ($0.86 million), while the net worth of Tornado as on March 31, 2018, was Rs.140.8 ($1.99) million.”
The firm reported a net loss of Rs.2.8 billion ($38.86 million) in the second quarter of FY19, ending June. Suzlon is also proposing to re-enter the international markets, sustained by favorable global market conditions.
In September 2018, CLP India and Suzlon entered into a joint venture to develop 70 MW of grid-connected solar capacity. The two companies announced a joint venture (JV) for two solar PV projects of 50 MW and 20 MW in Dhule, located in the state of Maharashtra. As per the agreement signed between the two companies, CLP India had agreed to acquire 49 percent stake in Gale Solarfarms Limited and Tornado Solarfarms Limited, two special purpose vehicles (SPV) set up by Suzlon.
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