Chinese solar energy company Hareon Solar has agreed to a joint venture (JV) with Nereus Capital and Treasury Group, with the JV company — Nereus Capital Investments Singapore — will be majority owned by Hareon Solar and will invest in PV projects in India.
Nereus Capital Investments Singapore will develop, construct and operate around 32MW of projects through wholly owned project companies in India. The project companies will largely sell off electricity to publically listed companies in India, with the installations set to ramp up operations in late 2015.
The projects are expected to produce around 52,000,000 kWh of electricity annually — enough to power over 13,000 homes.
Dr. Jie Zhang, VP of global business development at Hareon Solar, said: “This is Hareon Solar’s third Indian investment this year, following announcements last month about our partnership with ReNew Power for a 72MW project, and our partnership with Keshav Power Limited for a strategic investment in solar cell manufacturing unit in India. Hareon Solar has been serving India market since 2011, and we are committed to investing more in India.”