South-Korean tier-one PV manufacturer Hanwha Q CELLS is entering a joint venture with Indian energy company ReNew Power to develop two solar projects in the Indian state of Telangana with 148.8MW capacity.
The agreement marks Hanwha Q CELLS’ first investment in solar projects in India.
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The firm will supply and install 477,419 of its ‘German Engineered’ 310/315 Wp solar modules to the projects, which are located in Medak and Mehbub Nagar districts. Delivery will commence in August and is scheduled for completion next year.
Electricity generated will be sold under a power purchase agreement (PPA) with the Southern Power Distribution Co. of Telangana State Ltd. (TSSPDCL) with project commissioning scheduled for June 2016.
ReNew Power, which is responsible for developing the projects, already has a 1GW portfolio of commissioned and under-construction clean energy projects in India.
Sumant Sinha, chairman and chief executive of ReNew Power, said: “Our goal is to rapidly expand business and we wanted to partner with companies that have the right capabilities and experience to understand our business requirements.
“Given Prime Minister Modi's thrust on solar energy and an increased focus on attracting more foreign investment into the country, this JV is yet another step in the right direction and shows that we continue to be a partner of choice in this rapidly growing sector.”
SeongWoo Nam, chief executive of Hanwha Q CELLS, said: “The Indian solar energy market is expected to grow rapidly in the next few years. Hanwha is pleased to partner with ReNew Power in capitalizing this opportunity as both a preferred module supplier and as a JV developer of solar energy projects.”
India has set an unprecedented 100GW by 2022 solar deployment target, which has seen a flurry of foreign company investments in the Indian solar market in recent weeks including from SoftBank, Foxconn, Sunpa, and Hilliard energy, among others.