Shanghai, China, August 17, 2015 - Hareon Solar Technology Company Limited (SSE: 600401), one of China’s largest solar energy companies announced today that it has entered into a joint venture (JV) with Nereus Capital and Treasury Group (ASX: TRG). The JV company, Nereus Capital Investments Singapore Pte Ltd, will be majority owned by Hareon Solar, and will invest in solar projects in India.
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. To meet India’s rapidly growing energy demand, the Indian government has set an aggressive target to install 100 GW of solar power by 2022.
The JV company will develop, build and operate approximately 32 MW of PV projects through wholly owned project companies in India. The project companies will primarily sell electricity to creditworthy, public-listed companies in India. The projects are expected to begin commercial operations by the end of 2015. Upon completion, the projects will generate approximately 52 Million units of electricity per year, enough to power more than 13,000 homes. Hareon Solar will supply its high efficiency crystalline silicon solar modules to these projects.
Speaking on the occasion, Dr. Jie Zhang, VP of Global Business Development at Hareon Solar said “This is Hareon Solar’s third Indian investment this year, following announcements last month about our partnership with ReNew Power for a 72 MW project, and our partnership with Keshav Power Limited for a strategic investment in solar cell manufacturing unit in India. Hareon Solar has been serving India market since 2011, and we are committed to investing more in India.” Dr. Rubin Sidhu, Director of Hareon Solar India added “Hareon Solar is expanding our global footprint through strong partnerships. We believe that bringing together the strengths of a global asset management company like Treasury Group with the local Indian expertise of Nereus Capital and solar energy experience of Hareon Solar is a winning combination.”
About Nereus Capital
Nereus Capital finances alternative energy infrastructure in India. Nereus is differentiated by the combination of a private equity team that has invested together for over a decade and a sector-specific operational team that has developed over 1,000 megawatts of alternative energy power generation in India. Nereus’ India Solar Investment Trust seeks stable, low volatility, annual yields by providing construction financing for utility-scale photovoltaic solar power plants. For more information please visit www.nereuscap.com.
About Treasury Group
Treasury Group/Northern Lights Capital Group (TRG/NL) is a multi-boutique asset management group dedicated to collaborating with the industry’s brightest boutique investment managers. TRG/NL currently partner with 19 asset managers who bring differentiated market perspectives from around the world and collectively manage A$49 billion as at 30 June 2015.