As part of the agreement, BLP sold its stake in the joint venture Statkraft BLP Solar Solutions Private Limited (SBSS), a firm that provides distributed solar solutions to the commercial and industrial segment in India, to Statkraft.
When contacted, Mercom’s source at Statkraft said, “As of now, we have about 25 MW of solar photovoltaic (PV) projects under development in the states of Rajasthan, Tamil Nadu, and West Bengal.” The source did not disclose the deal value.
After buying BLP’s stake in the JV, Statkraft will be the owner of over 10 MW developed and 25 MW under-development solar projects.
Tejpreet Chopra, the managing director of BLP also said in a media statement, “The transaction is in line with BLP’s strategy of optimizing value across its business lines. BLP and Statkraft have created a leading venture which has successfully commissioned projects across India and developed a strong brand in the distributed solar space.”
“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-Tonnesen.
Statkraft’s operational portfolio includes 5 MW open access solar project in Karnataka’s Pavagada, a 62.7 kW rooftop solar PV project in Pune, and a 5 MW captive project at the manufacturing facility of SRF, a manufacturer of industrial and specialty intermediates in Chennai.
BLP and Statkraft had founded the JV in 2015. SBSS has commissioned over 10 MW of solar PV projects in India since its inception.
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.