Hareon Solar partners with ReNew Power for 72MW PV projects in India

Hareon Solar Technology Company Ltd. (SSE 600401) announced today that it has entered into a joint venture agreement with India’s ReNew Power to develop, build and operate PV projects in the Indian state of Andhra Pradesh. Hareon Solar’s Singapore based subsidiary, Hareon Solar Singapore entered into the JV agreement with ReNew Solar Power, a wholly owned subsidiary of Renew Power Ventures. The JV company, Renew Solar Energy (Karnataka) has signed 25-year power purchase agreements (PPAs)with Southern Power Distribution Co. of Andhra Pradesh Ltd. (APSPDCL) for 60MW(ac)solar power plants.

The solar projects will be built in the state of Andhra Pradesh. Hareon Solar will supply 72 MW of its high efficiency crystalline silicon solar modules to the projects. The projects are expected to be commissioned by end of Q1, 2016. When completed, the projects will supply enough electricity to power 30,000 homes, and will curb about 16,000 tons of CO2 per year. This is Hareon Solar’s first project investment in the Indian market.

Speaking on the occasion, Dr. Jie Zhang, Vice President of Global Business Development at Hareon Solar said “Hareon Solar is committed to the Indian market. We are glad to partner with ReNew Power for our first major investment in the Indian market, and will continue to make our small contributions to the big goals of the Indian people.”

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, “We are very pleased to partner with Hareon Solar in executing this project in Andhra Pradesh. 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.”

About ReNew Power Ventures Pvt. Ltd.

ReNew Power Ventures Pvt. Ltd, an Independent Power Producer (IPP) company, is committed to leading a change in the country’s current energy portfolio by delivering cleaner and smarter energy choices and thereby reducing India’s carbon footprint.  ReNew Power’s mission is to play a pivotal role in meeting India’s growing energy needs in an efficient, sustainable and socially responsible manner.  The company creates value through reliable and efficient generation of renewable energy through best in class execution of solar and wind projects. ReNew Power generates close to 600 MW of installed and operational clean energy capacity across the states of Maharashtra, Rajasthan, Karnataka, Gujarat, Madhya Pradesh and Haryana.  For more information please visit: www.renewpower.in. Follow ReNew Power on Twitter @ReNew_Power