Chinas Hareon Solar has announced that it is to enter the growing Indian solar market for the first time after entering into an agreement with Indian renewable energy company ReNew Power to develop a 72 MW solar plant in the Indian state of Andhra Pradesh.
The PV manufacturer will supply more than 230,000 of its modules to the project, which is to be located in the Kurnool district of the state. Construction is penciled to begin in August, and completion is scheduled for December this year. Andhra Pradeshs Southern Power Distribution Co. has agreed a 25-year power purchase agreement with the plant, which will add to ReNew Powers 1 GW+ solar energy portfolio.
"We are pleased to partner with Hareon Solar in executing this project in Andhra Pradesh," said ReNew Power CEO and chairman Sumant Sinha. "By pairing Hareons high efficiency solar modules production with ReNew Powers extensive experience in executing projects in India, we aim to significantly contribute to meeting Indias rapidly expanding energy requirements in a sustainable manner."
Hareon Solar CEO and Chairman Samuel Yang added that the project is "an important part of Hareon Solars strategic investments" in India. "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."
In May Hareon Solar signed an investment framework agreement with Chinas United PV group for the construction of around 930 MW of solar power stations in China. That deal, worth an estimated $1.42 billion, followed shortly after a period of financial difficulty for the company, which faced the very real prospect of delisting earlier in the year following an investigation by Chinas Securities Regulatory Commission into illegal information disclosure.
The United PV deal, as well as this partnership in India, should serve to steady the ship for Hareon Solar, leading to more favorable financials later this year.