Hareon Solar announces third Indian investment


Following on from its announcement at the start of this July, where Hareon said it would be undertaking work on its first solar PV project in India – a 72 MW plant in Andhra Pradesh – and its agreement with Keshav Power Private Limited to develop a US$40 million, 160 MW solar cell manufacturing facility somewhere in the country, it has now unveiled a new JV with Nereus Capital and Treasury Group.

The new JV company, Nereus Capital Investments Singapore Pte Ltd, majority owned by Hareon, is looking to invest in solar PV projects in India. It aims to develop, build and operate up to 32 MW of projects by the end of 2015. Hareon will supply the necessary crystalline silicon solar modules. The financial details were not disclosed.

"Solar power has reached grid-parity in many states in India today without government incentives. This dynamic enables solar project developers to enter into economic power purchase agreements (PPA) such that private offtakers can reduce their electricity costs over the duration of the PPA," said Hareon in a statement released.

India has unveiled ambitious solar PV goals, aiming to install 100 GW by 2022. At a cumulative capacity of 5 GW today, the country is still 95 GW away from achieving this. However, the Ministry of New and Renewable Energy (MNRE) yesterday released details of how its solar installation targets are set to be achieved over the next seven years.

According to the details released in the roadmap, 40% of capacity will be added in the rooftop sector (both residential and larger commercial), with grid-scale projects making up the remaining capacity.

The last few days has also seen a flurry of solar announcements coming out of India, including Neyveli Lignite’s project plans to install 600 MW across the country; the completion of the first solar-powered airport, in Cochin; and a 400 MW supply agreement between Nextracker and PES Engineers.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Elastocalorics could replace heat pumps, air conditioning systems

16 July 2024 Elastocalorics have the potential to replace current air conditioning and heating systems, offering significant energy savings when paired with techno...


Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.