Hareon Solar, 2 others set up 32-MW solar JV in India
Solar panels in India. Author: Kiran Jonnalagadda. License: Creative Commons
Chinese firm Hareon Solar Technology Co Ltd (SHA:600401) said Monday it has established a joint venture (JV) in India with local firm Nereus Capital and Australia-based Treasury Group (ASX:TRG) with the goal of building 32 MW of photovoltaic (PV) parks there.
Under the terms of the deal, Hareon Solar will own a majority stake in the new entity, called Nereus Capital Investments Singapore Pte Ltd. The latter will set up project companies in India that will develop, construct and operate the solar plants.
The combined output of the PV plants is expected to amount to roughly 52 GWh per year, enough to power about 13,000 local households. The solar farms, which will use Hareon Solar’s crystalline silicon (c-Si) modules, are expected to kick off operations later this year, according to the press release.
Hareon Solar makes solar equipment and also develops, builds and operates PV parks worldwide. In July, the firm joined hands with New Delhi-based ReNew Solar Power Pvt Ltd for a 72-MW solar project in Andhra Pradesh and agreed to build a 160-MW cell production plant in the country under a partnership with domestic industrial conglomerate Dalmia Group.