Statkraft acquires BLP’s shares in distributed solar venture

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After three years of successfully running their 50-50 joint venture Statkraft BLP Solar Solutions (SBSS) together, Indian renewable energy firm Bharat Light and Power (BLP) and Norwegian state-owned utility Statkraft have decided to end their partnership for distributed solar PV solutions.

“The cooperation between Statkraft and Bharat Light and Power has been a success. In 2015 we agreed to jointly explore various business models for solar development in India. Now, as these ambitions have successfully been accomplished, we have agreed to independently pursue our respective business ideas within the solar sector in India,” said Statkraft’s CEO Christian Rynning-Tønnesen while sharing the news.

Tejpreet S. Chopra, managing director, BLP, said, “The transaction is in line with BLP’s strategy of optimising value across its business lines.”

SBSS was set up in 2015 and incorporated as a joint venture between Statkraft, which claims to be Europe’s largest generator of renewable energy, and BLP, to provide distributed solar energy solutions in India. The company caters to energy requirements of government sectors and commercial customers across India. It has also commissioned several rooftop projects in Karnataka, Gurgaon, Pune and Rajasthan.

Statkraft BLP had set up its first solar power plant in Tumkur district, Karnataka. The 5 MW plant was commissioned in March 2017 and is supplying solar power to three private clients under the Open Access mechanism.

Statkraft BLP set up a rooftop solar PV project for SAMHI hotels’ latest venture in Pune, Maharashtra. This was completed under the CAPEX model where the system is owned and utilised by the project owners.

The divestment announcement by BLP follows French energy firm Engie’s plans to sell stake in its Solairedirect unit that has been actively bidding for projects in India. Engie plans to set up 2 GW capacity in India by 2019 and has an 810MW solar portfolio. It is trying to raise money through equity divestment in Solairedirect operations—reported Livemint.