South Korean solar module manufacturer Hanwha Q CELLS is all set to enter the emerging Indian solar market through its recent module supply agreement with the local renewable energy developer ReNew Power.
Hanwha Q CELLS has entered a joint venture with ReNew Power to install, develop, and operate two solar projects with aggregate capacity of 148.8 MW in the southern Indian state of Telangana. As part of the deal, Hanwha Q CELLS will have 49% equity ownership in both solar projects.
According to the agreement, Hanwha Q CELLS will supply and install 477,000 German-engineered modules to the solar power projects located in the Medak and Mehbubnagar districts of Telangana. The module shipment will commence from August this year, with scheduled completion by next year. Both the projects are expected to be commissioned in June 2016.
The power generated from the projects will be sold to Southern Power Distribution Company of Telangana (TSSPDCL) through long-term power purchase agreement.
ReNew Power has already established itself as one of the most promising renewable energy developers in India with a 1-gigawatt portfolio of commissioned and under-construction renewable energy projects all over the country.
SeongWoo Nam, chief executive of Hanwha Q CELLS, said, “The Indian solar energy market is expected to grow rapidly in the next few years. Hanwha is pleased to partner with ReNew Power in capitalizing this opportunity as both a preferred module supplier and as a JV developer of solar energy projects.”
Earlier this month, ReNew Power also announced an investment and supply deal with Hareon Solar for a solar power project in Andhra Pradesh. Hareon Solar will invest in and supply modules for a 72 MW solar power project.