Economic Times: July, 2015
Mumbai: ReNew Power is in pact with Chinese solar power company Hareon Solar to develop a 72 mw solar power project in Andhra Pradesh, the former said in a press release Monday.
The two companies will invest jointly in the project that will provide electricity to more than 30,000 households and curb 115,895 tonnes of CO2 emissions each year, the release said.
ReNew Power today owns clean energy assets of more than 1,000 MW of commissioned and under-construction projects. Speaking on the occasion, Sumant Sinha, Chairman & CEO, ReNew Power said.
"By pairing Hareon's high efficiency solar modules production with ReNew Power's extensive experience in executing projects in India, we aim to significantly contribute to meeting India's rapidly expanding energy requirements in a sustainable manner. I firmly believe that in the next decade, nations like India and China will lead the way on solar as the ultimate source of sustainable energy," said Sumant Sinha, chairman and chief executive officer of ReNew Power.
This is Hareon Solar's first investment in India. The company will also supply and install its crystalline silicon solar modules to this project, which is being developed in Kurnool district of Andhra Pradesh. The delivery, totaling 234,161 modules, will begin in August 2015 and is scheduled to be completed by December 2015. The schedule for commissioning the project is March 2016.
The electricity generated from the project would be sold under a 25-year power purchase agreement with the Southern Power Distribution Company of Andhra Pradesh Ltd.
Samuel Yang, chairman and chief executive officer Hareon Solar, said "We are very excited about our partnership with ReNew Power. This project is an important part of Hareon Solar's strategic investments in the Indian solar market. 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."