South Korean solar company Hanwha Q Cells is set to embark on its inaugural Indian solar project investment following the news this week that it has entered into a joint venture (JV) to develop a 148.8 MW solar project in the country.
The JV partner is local clean energy company ReNew Power, which already boasts a +1 GW renewable energy portfolio in India. The PV project will comprise two large-scale solar plants built in Indias Telangana state.
Hanwha Q Cells will deliver 477,419 of its German engineered 310/315 Wp solar modules, with shipment due to commence in August. All modules should be in situ by the beginning of next year, the company claims, in time for the two projects to enter commercial operation by June 2016.
A 25-year power purchase agreement (PPA) for the two solar parks to be situated in Telanganas Medak and Mehbub Nagar districts has been signed with the Southern Power Distribution Co. of Telangana State Ltd.
"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," said ReNew Power CEO and chairman Sumant Sinha. "We are very pleased to partner with Hanwha Q Cells on executing these two projects in Telangana."
Sinha added that Indian Prime Minister Narendra Modis "thrust on solar energy" was serving to attract more international investment into the countrys clean energy sector, and remarked that he hoped this JV was another step in the right direction for an industry that has been targeted with developing 100 GW of PV capacity by 2022.
"This Indian solar energy market is expected to grow rapidly in the next few years," said Hanwha Q Cells CEO SeongWoo Nam. "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."
This JV marks Hanwha Q Cells first hands-on development project in India, but follows just a week after the company signed a 70 MW module supply deal with Indias Adana Group as the company seeks to expand into the worlds leading emerging solar markets.