The company cited delay in sale completion of Neo Solren as the reason for the pact’s cancellation with CLP India. The subsidiary was formed to set up and operate solar plants in Telangana.
The project—set up in Madhya Pradesh—is one of the world’s largest single-site solar power plants. It is also India’s first PV project to supply power to an inter-state open-access customer.
Foreign direct investment into Indian solar concerns from China and other neighboring countries will now have to secure the approval of the Ministry of New and Renewable Energy.
CLP India acquired Mahindra Renewables’ complete stake in Divine Solren for Rs 124.47 crore. Divine Solren is a special purpose vehicle formed by the Mahindra group to set up a 50 MW solar plant in Adilabad district of Telangana. The plant was commissioned in 2017.
Cleansolar Renewable Energy, Divine Solren and Neo Solren—all of which were formed to set up and operate solar plants in Telangana—would be sold for around Rs 340 crore. The transaction is expected to be completed by May 31, 2020.
The project is part of the 750 MW Rewa solar park in Madhya Pradesh. YES Bank has also reaffirmed its commitment to mobilize US$5 billion for financing solar power projects in India by 2030 with the International Solar Alliance (ISA) at the latter’s founding ceremony in New Delhi, held last week.
Mahindra Renewables has been awarded a 250 MW solar PV project in the Rewa district of Madhya Pradesh. It will receive financing to the tune of around US$50 million from the International Finance Corporation (IFC).
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