ReNew Power, one of India's largest clean energy companies, announced it is entering into a JV agreement with Hanwha Q CELLS, which is a flagship company of Hanwha Group, a diversified South Korean conglomerate and an active player in sectors of manufacturing & construction, to develop two solar projects in the State of Telangana, totaling a capacity of 148.8 MWp.
It is the first time that Hanwha Q CELLS is investing into solar projects in India. Hanwha Q CELLS will also supply and install its "German Engineered" 310/315 Wp solar modules to these projects that are being developed in Medak and Mehbub Nagar districts of Telangana.
The delivery, totaling 477,419 modules, will begin August 2015 and is scheduled to be completed in 2016. The generated power will be sold under a power purchase agreement (PPA) with the Southern Power Distribution Co. of Telangana State Ltd. (TSSPDCL). As per the PPA, the schedule for commissioning these projects is June 2016.
ReNew Power owns clean energy assets of more than 1,000 MW of commissioned and under-construction projects. Speaking on the occasion, Sumant Sinha, Chairman & CEO, ReNew Power, said, "As a leading energy company, our goal is to rapidly expand business and we wanted to partner with companies that have the right capabilities and experience to understand our business requirements.
This agreement reaffirms the faith our partners have in our execution and service capabilities. We are very pleased to partner with Hanwha Q CELLS in executing these two projects in Telangana. Given Prime Minister Modi's thrust on solar energy and an increased focus on attracting more foreign investment into the country, this JV is yet another step in the right direction and shows that we continue to be a partner of choice in this rapidly growing sector."
SeongWoo Nam, CEO of Hanwha Q CELLS, said, "The Indian solar energy market is expected to grow rapidly in the next few years. Hanwha is pleased to partner with ReNew Power in capitalizing this opportunity as both a preferred module supplier and as a JV developer of solar energy projects."
Eyeing investments of up to US $200 billion, the government is looking to more than double the share of renewable sources to over 15 percent in India's overall energy basket in about a decade. ReNew Power is aligned to this vision of nation's energy security and independence.
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