Hareon Solar’s Singapore unit and Azure Power Global’s India unit are jointly investing in a 118 MW solar PV plant, with another contract being inked for Hareon to supply the facility with its solar modules for an amount no higher than $40 million.
The Singapore unit intends to invest roughly RMB 76.6 million and thereby acquire a 45% stake in the new project.
The joint venture has already signed a 25-year power purchase agreement with the Indian state-run power producer National Thermal Power Corporation (NTPC).
The Chinese manufacturer entered India’s burgeoning solar market in 2015 with an agreement to develop a 72 MW PV project with India’s ReNew Power. Back then, Hareon experienced a strong year with a net profit of 96.08 million yuan.
However, in 2016 the company swung to a net loss, which according to preliminary statistics amounted to 380 million yuan. As for the reason behind this severe downturn, Hareon remarked that it had seen a “significant decline” in the solar market in the second half of 2016.
Meanwhile, Azure Power’s experienced a prosperous 2016, as its bottom line benefited from the falling projects costs per megawatt, while its operational and pipeline capacity exceeded 1 GW, up from 267 MW in 2015.
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: firstname.lastname@example.org.
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.