ReNew Power & Hareon Solar JV Commissions 72 MW Project in Andhra Pradesh

Shanghai, May, 2016: Hareon Solar Technology Company Limited (SSE: 600401) one of China’s largest solar energy companies and ReNew Power, India’s leading clean energy company announced today that their joint venture company has commissioned 72 MW project in Andhra Pradesh, India.

The project, located across two districtsof Andhra Pradesh - Kurnool and Prakasam - is expected to generate 115 million units of energy per year and is connected to 132/33kV Adoni substation and 132/33kV Cumbum substation respectively. The project was part of competitive bidding conducted in November 2014 by two distribution utilities of Andhra Pradesh namely, Southern Power Distribution Company Limited of Andhra Pradesh (APSPDCL) and Eastern Power Distribution Company (APEPDCL).

Out of the total selected 619 MW solar PV power projects, this JV enjoys the distinction of having its project amongst the first few to be commissioned. The power generated from this project will be sold under a 25-year power purchase agreement (PPA) with APSPDCL. The project was built using Hareon Solar’s high efficiency multi-crystalline silicon solar modules.

Sumant Sinha, Chairman and CEO, ReNew Power said, “Our association with Hareon Solar has worked extremely well since we inked the pact in July 2015. ReNew Power’s extensive experience in executing projects in India has been matched by Hareon's high efficiency solar modules production. This has helped us fast-track the commissioning of this project. Both India and China are leading the way in solar energy revolution and this partnership will go along way in setting new benchmarks for quality and efficiency.”

Jie Zhang, VP of Global Business Development at Hareon Solar said, “We are very impressed by the professional team of Renew Power under the leadership of Mr. Sumant Sinha. Both companies share the same vision that quality is the soul of PV projects, and put tremendous focus on selecting top quality products and ensuring smooth project execution. We look forward to along term partnership with ReNew Power, and are proud to make our small contribution to India’s grand solar initiative.”

Rubin Sidhu, Director of Hareon Solar India said, “We are very proud of the work done by both teams to commission this project ahead of schedule. This is Hareon Solar’s first PV project in India, and we look forward to building more projects and growing our portfolio in India in support of her clean energy targets.”

Hareon Solar, based in Jiangyin, Jiangsu Province is one of China's largest crystalline silicon solar cell and module producers. The Company is listed on the Shanghai Stock Exchange (600401) with a market capitalization of about USD 2 Billion. With production facilities and services around the globe, our company manufactures over 1.85 GW of cells and 1.2 GW of modules annually. In 2014, Hareon successfully raised new capital of RMB 3.8 Billion (about USD 600 Million) on the Shanghai Stock Exchange, which allowed the company to expand its growing PV projects business into new geographies. In 2015, Hareon Solar announced several strategic investments in India with key partners. These included the building of a  solar cell factory, and investments in a certainsize of power plants.

About Hareon Solar Technology Co. Ltd.

Hareon Solar, headquartered in Jiangyin, Jiangsu Province, China, was established in 2004. The company is listed on the Shanghai Stock Exchange with the ticker symbol: 600401. Hareon Solar is one of China's largest crystalline silicon solar cell and module manufacturers. The company has about 1,850 MW per year of solar cell manufacturing capacity and about 1,200 MW per year of solar module manufacturing capacity across five manufacturing bases in China. In addition, Hareon Solar has operations and subsidiaries in Australia, Germany, India, Japan, South Africa, and USA.

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About ReNew Power Ventures Pvt. Ltd.

ReNew Power Ventures Pvt. Ltd, an Independent Power Producer (IPP) company, is committed to leading 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 non-conventional power through innovation in solar and wind power solutions. ReNew Power has more than 2500 MW of commissioned and under-construction clean energy capacity across the states of Maharashtra, Rajasthan, Karnataka, Gujarat, Madhya Pradesh, Haryana, Jharkhand, Telangana, and Andhra Pradesh.

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