ReNew Power, one of India's largest clean energy companies, is set to enter into an agreement with Hareon Solar, one of China's largest solar energy companies, to develop a solar project of 72 MW capacity in the state of Andhra Pradesh.
It is the first time that Hareon Solar is investing into a solar project in India. Hareon Solar will also supply and install its crystalline silicon solar modules to this project, which is being developed in Kurnool district of Andhra Pradesh.
The delivery, totalling 234,161 modules, will begin in August 2015 and is scheduled to be completed by December 2015. The generated power will be sold under a 25-year power purchase agreement (PPA) with the Southern Power Distribution Co. of Andhra Pradesh Ltd. (APSPDCL). The schedule for commissioning the project is March 2016.
Speaking on the deal, Sumant Sinha, Chairman and CEO, ReNew Power, said, "We are very pleased to partner with Hareon Solar in executing this project in Andhra Pradesh.
By pairing Hareon's high efficiency solar modules production with ReNew Power's extensive experience in executing projects in India, we aim to significantly contribute to meeting India's rapidly expanding energy requirements in a sustainable manner.
I firmly believe that in the next decade, nations like India and China will lead the way on solar as the ultimate source of sustainable energy."
Samuel Yang, Chairman and CEO of Hareon Solar, said, "We are very excited about our partnership with ReNew Power. This project is an important part of Hareon Solar's strategic investments in the Indian solar market. We expect the India solar market to grow rapidly in the coming years, and we are committed to supporting India in its transition to clean renewable energy."
Eyeing investments of upto US $200 billion, the government is looking to more than double the share of renewable sources to over 15 per cent in India's overall energy basket in about a decade.
ReNew Power Ventures Pvt. Ltd, an Independent Power Producer (IPP) company, is committed to leading a change in the country's current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing India's carbon footprint. It owns clean energy assets of more than 1,000 MW of commissioned and under-construction projects.
Hareon Solar, headquartered in Jiangyin, Jiangsu Province, China, was established in 2004 and is now one of China's largest crystalline silicon solar cell and module manufacturers.
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