CLP India Pvt. Ltd, one of the largest foreign investors in India’s power sector, is looking to enter the solar energy sector as part of the parent’s push to increase the share of renewables in its portfolio.
The local unit of Hong Kong-listed CLP Holdings Ltd is planning to invest about $1 billion for setting up over 1 gigawatt (GW) of solar power capacity over the next 3-5 years.
CLP India will bid for solar projects under Jawaharlal Nehru National Solar Mission (JNNSM) and invest in projects won by others. India needs as much as $200 billion to meet its target to install 100 GW of solar power and 60,000 megawatts (MW) of wind power by 2022.
This has seen global investors, including the renewable energy companies and pension funds, make a beeline for the country.
Among the companies CLP India is talking to is Suzlon Energy Ltd, for buying an initial stake of up to 49% in a 100 MW project the latter won at a tariff of Rs.5.59 per kilowatt hour (kWh) in Telangana under the JNNSM in August 2015. The project has a cost of over $110 million (about Rs.740 crore).