ReNew Power and Hareon Solar, China sign an Agreement

– A Solar Project of 72 MW in Andhra Pradesh to be developed With Joint Investment From Hareon Solar and ReNew Power

– The Project Will Provide Electricity to More Than 30,000 Households and Curb 115,895Tonnes of CO2 Emissions Each Year

ReNew Power, one of India’s largest clean energy companies, today announced it is entering into an agreement with Hareon Solar, one of China’s largest solar energy companies, to develop a solar project of 72 MW capacity in the state of Andhra Pradesh.

It is the first time that Hareon Solar is investing into a solar project in India. Hareon Solar will also supply and install its crystalline silicon solar modules to this project, which is being developed in Kurnool district of Andhra Pradesh. The delivery, totalling 234,161 modules, will begin in August 2015 and is scheduled to be completed by December 2015. The generated power will be sold under a 25-year power purchase agreement (PPA) with the Southern Power Distribution Co. of Andhra Pradesh Ltd. (APSPDCL). The schedule for commissioning the project is March 2016.

ReNew Power today owns clean energy assets of more than 1,000 MW of commissioned and under-construction projects. Speaking on the occasion, Sumant Sinha, Chairman & CEO, ReNew Power, said, “We are very pleased to partner with Hareon Solar in executing this project in Andhra Pradesh. By pairing Hareon’s high efficiency solar modules production with ReNew Power’s extensive experience in executing projects in India, we aim to significantly contribute to meeting India’s rapidly expanding energy requirements in a sustainable manner. I firmly believe that in the next decade, nations like India andChina will lead the way on solar as the ultimate source of sustainable energy.”

Samuel Yang, Chairman and CEO of Hareon Solar, said, “We are very excited about our partnership with ReNew Power. This project is an important part of Hareon Solar’s strategic investments in the Indian solar market. We expect the India solar market to grow rapidly in the coming years, and we are committed to supporting India in its transition to clean renewable energy.”

Eyeing investments of upto US $200 billion, the government is looking to more than double the share of renewable sources to over 15 per cent in India’s overall energy basket in about a decade. ReNew Power is aligned to this vision of nation’s energy security and independence.

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