ReNew Power, Hareon Solar Enter into JV Agreements

Shanghai, September 29, 2016: ReNew Power, India’s leading clean energy company and Hareon Solar Technology Company Ltd. (SSE 600401) today announced two joint venture (JV) agreements to set up 230 MW of solar projects in Telangana, India. The JV agreements have been signed between ReNew Solar Power, a wholly owned subsidiary of ReNew Power Ventures and Hareon Solar’s Singapore based subsidiary, Hareon Power Singapore Pvt. Ltd. The JV companies, ReNew Solar Energy (Telangana) Pvt. Ltd. and ReNew Mega Solar Power Pvt. Ltd., have signed 25-year power purchase agreements (PPAs) with Northern Power Distribution Company of Telangana Ltd. for 143 MW (ac) and 48 MW (ac) solar power plants respectively.

ReNew Power will do EPC and project management for these JV's and will use Hareon Solar’s PV modules. The projects are expected to be commissioned by the end of Q1, 2017. Once commissioned, the projects will supply enough electricity to power close to 95,000 homes, and will curb over 3,00,000 tons of CO2 every year. The projects are expected to create more than 1,500 jobs during the construction period, and about 35 permanent jobs in the area.

Speaking on the occasion, Sumant Sinha, Chairman & CEO, ReNew Power said, “We are pleased to partnerwith Hareon Solar again in executing our projects in Telangana. Through such partnerships, we aim to significantly contribute in meeting India’s rapidly expanding energy requirements in a sustainable manner. We firmly believe that in the next decade, India will lead the way in capitalising on solar as the ultimate source of sustainable energy.”

Dr. Jie Zhang, CEO of Hareon International said “Hareon Solar has established a good track record of international investments in PV projects, and will further strengthen it with Hareon International as the overseas investment platform. We continue to be bullish on Indian solar market and look forward to supporting India’s solar energy programs through power plant investments,equipment supply, and local manufacturing.” Dr. Rubin Sidhu, Director of Hareon Solar India added “We are happy to grow our solar portfolio in India and also strengthen our relationship with ReNew Power with these two new investments.”  


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 3,000 MW of commissioned and under-construction clean energy capacity across nine states in India. In March 2016, ReNew Power became the first company to cross 1,000 MW of commissioned capacity in wind and solar energy in India. The company is backed by marquee investors such as Goldman Sachs, Abu Dhabi Investment Authority, Asian Development Bank, and Global Environment Fund and has raised a total equity of $650 million so far.

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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, and has a market capitalization of about USD 1.8 Billion. Hareon Solar is one of China's largest vertically-integrated crystalline silicon solar cell and module manufacturers. The company has about 1850 MW per year of solar cell manufacturing capacity and about 1200 MW per year of solar module manufacturing capacity across five manufacturing bases in China. In addition, Hareon Solar has invested in and commissioned more than 1000 MW of PV projects worldwide. Hareon Solar has a global footprint, with operations and subsidiaries in Australia, Germany, India, Japan, South Africa, and USA.

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