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ReNew Power signs agreement with China's Hareon Solar for Andhra solar project

This is the first time that Hareon Solar is investing into a solar project in India

BS Reporter  |  New Delhi 

Sumant Sinha promoted ReNew Power, entered into an agreement with Hareon Solar, one of China's largest solar energy companies, to develop a solar project of 72 Mw capacity in the Andhra Pradesh. It is the first time that Hareon Solar is investing into a solar project in India and would also supply and install its crystalline silicon solar modules to this project.

The generated power will be sold under a 25-year power purchase agreement (PPA) with the Southern Power Distribution Co. of Andhra Pradesh Ltd. (APSPDCL). The schedule for commissioning the project is March 2016.

"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 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 & CEO, ReNew Power.

Eyeing investments of up to US $200 billion, the government is looking to more than double the share of renewable sources to over 15 per cent in India’s overall energy basket in about a decade.

"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," said Samuel Yang, Chairman and CEO of Hareon Solar.

First Published: Mon, July 06 2015. 18:23 IST