Hareon Solar to develop PV projects in Jordan via new JV

Chinese firm Hareon Solar Technology Co Ltd (SHA:600401) said Monday it will establish a subsidiary in Switzerland with the ultimate goal of investing in photovoltaic (PV) schemes in Jordan.

The new company, H2 Swiss Venture, and another unit of the Chinese company -- Hareon Swiss Holding AG -- will then set up a 30/70 joint venture (JV) in Jordan. They will invest JOD 500,000 (USD 705,220/EUR 666,160) and roughly JOD 1.17 million, respectively, in the new entity, called Empire Solar PSC. The JV will be based in the King Hussein Bin Talal Development Area in Amman and will be active in the development, construction and operation of solar farms in the country.

Hareon Swiss Holding is one of the 20 bidders that qualify for installing four 50-MW solar parks in different parts of Jordan.

Hareon Solar makes solar equipment and also develops, builds and operates PV parks worldwide. The firm said the move to Jordan is in line with its overseas long-term development strategy and will enhance its overall profitability.

(CHF 1.0 = USD 0.973/EUR 0.920)

(JOD = USD 1.410/EUR 1.332)

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