Jul 22 2015
Hanwha Q CELLS Co. Ltd today announced the signing of a solar module supply agreement and Joint Venture agreement with Renew Power Ventures Pvt. Ltd., one of India's largest developers of clean energy.
Hanwha Q CELLS will provide 148.8 MW of its 310/315 Wp (HSL72S) solar modules to ReNew Power, with deliveries beginning in August of 2015 and scheduled for completion during 2016. The Company supplies its "German Engineered" modules from a diversified base of state-of-the art automated production facilities located in China, Malaysia and South Korea.
Hanwha Q CELLS has also entered into a Joint Venture Agreement with ReNew Power with potential for up to 49% equity ownership in two solar energy projects totaling 148.8 MW. Hanwha will partner with ReNew to develop, build and operate the projects. The solar projects are located in the Medak and Mehbub Nagar districts in the State of Telangana, with commissioning anticipated in June 2016. Power generated from these projects will be sold under a Purchase Power Agreement (PPA) with the Southern Power Distribution Co. of Telangana State Ltd. (TSSPDCL).
ReNew Power todays owns renewable energy assets of more than 1 GW of commissioned and under-construction in India. Mr. Sumant Sinha, Chairman & CEO of ReNew Power said, "As a leading energy company, 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. We are very pleased to partner with Hanwha Q CELLS in executing these two projects in Telangana." He also added, "This Joint Venture is yet another step in the right direction and shows that we continue to be a partner of choice in this rapidly growing sector."
Mr. Seong Woo Nam, CEO of Hanwha Q CELLS, said, "We are pleased to partner with ReNew Power, one of the largest Independent Power Producers (IPP) in India. Our modules possess the quality and high-efficiency characteristics that solar developers value when building solar projects." Mr. Nam also added, "We view India as one of the most promising emerging solar markets in the world and we are aggressively pursuing business as both a preferred module supplier and as a developer of solar energy projects."
India is one of the most rapidly growing solar markets in the world with strong government's policy support. In 2014, Prime Minister Modi announced its plan to reach 100 GW installed PV power generation by 2020.
Source: http://investors.hanwha-qcells.com/