CLP Group acquired 49% stakes in Suzlon solar project in Telangana

India:  CLP group, an electric power generation company in Hong Kong had acquired 49% stake in Suzlon solar project having an installed capacity of 100 mw in Telangana. The tariff bids for a new solar projects in India are falling low due to government initiatives to expand solar market to 100,000 mw of grid-connected solar power by 2022.  CLP India and Suzlon will jointly develop the project at Veltoor in Telangana under a special purpose vehicle (SPV) called SE Solar. In addition, the company will have the option to acquire the remaining 51% stakes later.

TechSci Research depicts that expansion of solar projects, increasing willingness of foreign players & government initiative creates the demand for solar power equipment market in India. The increasing focus on clean energy development mechanism supported by policy initiatives of the government are major drivers for solar power equipment market in the country. The renewable purchase obligation for power utilities companies, bulk consumers of electricity, etc. will result in installation of solar plants in the country to ensure adequate supply to the obligated entities.         

According to a recent released report of TechSci Research, “India Solar Power Equipment Market Forecast and Opportunities, 2021”, the solar power equipment market in India is projected to surpass USD4 billion by 2020, wherein solar energy would be generated by employing photovoltaic (PV) and concentrated solar power (CSP) technologies across the country. Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to further drive the solar equipment market over the next five years.