Hareon Solar and Nereus Capital commission 9.2 MW PV project in Telangana

Shanghai, January 12, 2017: Hareon Solar Technology Company Limited (SSE: 600401) and Nereus Capital announced today that their joint venture company Dubbak Solar Projects Pvt. Ltd. has commissioned a 9.2MW PV project in Telangana, India. This is the first open access solar project in India funded by a Chinese solar company.

The PV plant is located in Medak district of Telangana, and is expected to generate about 14 million units of electricity per year. Under a power purchase agreement (PPA) signed between Dubbak Solar Projects Pvt. Ltd. and a publicly-listed multinational pharmaceutical company, electricity from the plant will be supplied to a pharmaceutical manufacturing facility through long-term open access.

Speaking on the occasion, Dr. Jie Zhang, CEO of Hareon International said “As a global project developer, Hareon Solar is dedicated to driving innovative business models to promote solar energy around the world.” Dr. Rubin Sidhu, Director of Hareon Solar India added, “We congratulate Nereus and Hareon teams in India on the timely execution and commissioning of this project. We are happy to partner with Indian industries to adopt clean renewable energy and contribute to India’s solar energy targets.”

Mr. Jonathan Winer, Managing Director of Nereus said “The project was built using Hareon Solar’s high efficiency multi-crystalline silicon solar modules, and we are very happy working the professional team at Hareon Solar”.

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 and has a market capitalization of about USD 1.6 Billion. Hareon Solar has operations and subsidiaries in Australia, Germany, India, Japan, South Africa, and USA. For more information, visit www.hareonsolar.com

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.