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Hareon Solar, Azure Power to develop 118 MW PV project in India

by April 27, 2017 General

The project will add to Telangana's rapidly expanding solar PV portfolio.

Hareon Solar’s Singapore unit and Azure Power Global’s India unit are jointly investing in a 118 MW solar PV plant, with another contract being inked for Hareon to supply the facility with its solar modules for an amount no higher than $40 million.

The Singapore unit intends to invest roughly RMB 76.6 million and thereby acquire a 45% stake in the new project.

The joint venture has already signed a 25-year power purchase agreement with the Indian state-run power producer National Thermal Power Corporation (NTPC).

The Chinese manufacturer entered India’s burgeoning solar market in 2015 with an agreement to develop a 72 MW PV project with India’s ReNew Power. Back then, Hareon experienced a strong year with a net profit of 96.08 million yuan.

However, in 2016 the company swung to a net loss, which according to preliminary statistics amounted to 380 million yuan. As for the reason behind this severe downturn, Hareon remarked that it had seen a “significant decline” in the solar market in the second half of 2016.

Meanwhile, Azure Power’s experienced a prosperous 2016, as its bottom line benefited from the falling projects costs per megawatt, while its operational and pipeline capacity exceeded 1 GW, up from 267 MW in 2015.