China-based PV manufacturer Risen Energy is to co-develop and finance an 118MW PV power plant in the Ramnad district of the state of Tamilnadu, India with Rassi Green Earth Energy (RGEE), part of diversified company, Raasi Group.
According to Risen Energy a memorandum of understanding signed to jointly invest and develop in the project is the “first majority direct and the largest foreign investment by a Chinese company, in the Indian solar PV market”.
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RGEE would however hold a 51% stake in the project and responsible for land acquisition through to electricity sales agreements, according to Risen’s financial filings outlining the MOU.
The PV manufacturer also noted that future joint PV power plants in Karnataka, Telun Gan Magne and Andhra Pradesh were being discussed.
P Ponsekar, vice president of Risen Energy in India said: “We shall leverage our global project expertise to make this a showcase project and deploy Risen's newest range of high performance anti-PID solar modules, allowing both companies to benefit from the industry's lowest thermal coefficient of power incorporated within, maximising energy capture in a hotter working environment.”
Timelines for MOU were not disclosed.
Major PV module order
Risen Energy recently stated in financial filings in China that it had contracted with Wing Tai Holdings, a retail property developer in Asia and China, to supply PV modules totalling 1.138 billion yuan (US$183 million).
The deals follow on from Risen undertaking a US$400 private placement of shares to invest in 279MW of PV projects in Ningbo, Inner Mongolia, and Mexico, and 100MW of distributed generated solar projects in Zhejiang, Jiangsu, Shanxi and Henan provinces in April, 2015.