December 19 (Renewables Now) - Hareon Solar Technology Co Ltd (SHA:600401) will set up a joint venture (JV) focused on solar generation and production of photovoltaic (PV) modules in Morocco.
The Chinese firm will hold a 40% stake in the new entity, it said in a bourse statement on Friday. Its other partners in the venture will be Moroccan state-run investment agency Societe d'Investissement Energetique and and general contracting firm Jet Contracting.
The establishment of the JV, to be named Hareon Jet Solar SA, was approved by Hareon Solar’s shareholder with a 7:0 vote. Clearance will also need to be granted by the respective authorities in Morocco.
Under its national programme, Morocco has set a goal to source up to 52% of the electricity it produces from renewables by 2030 and have 2,000 MW of wind and 2,000 MW of solar power plants by 2020. Earlier this month, the African Development Bank (AfDB) approved a loan of USD 265 million (EUR 224.4m) to support 800 MW of solar projects in the North African country.
(USD 1.0 = EUR 0.847)