CLP boosts India solar presence with $47 million Mahindra renewables hattrick

Indian industrial giant Mahindra, and its group entity MRPL have announced the sale of 100% of its stake in three of its solar power subsidiaries to China Light & Power and Canadian investor CDPQ’s subsidiary, CLP India Private Limited.

CLP India’s interests in India’s solar are set to increase dramatically when the sale concludes on May 31st, as it takes the reigns of Cleansolar Renewable Energy Private Limited (CREPL), Divine Solren Private Limited (DSPL) and Neo Solren Private Limited (NSPL) for the total sum of INR 3.6 billion ($47.26 million).

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CLP India has valued CREPL at INR 1.09 billion ($15 million), DSPL at INR 1.26 billion ($17.57 million), and NSPL at INR 1.05 billion ($14.56 million).

MRPL hasn’t divulged its reasons for the disinvestment, although parent company Mahindra Susten moved away from its distributed generation arm in June of 2019 when it sold a 49% stake to Japanese multinational Mitsui.

The energy transition and renewable energy are hot topics disrupting the utility industry in India and will be a key focus at the POWERGEN INDIA and Indian Utility Week summit which takes place in New Delhi.
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