Hareon Solar announces third Indian investment

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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.