Hanwha Q Cells Takes On a Joint Solar Project with ReNew Power
Leading solar cell maker, Hanwha Q Cells, has signed a joint venture with ReNew Power, a clean energy company in India. The development will be the South Korean company's first investment in major projects, what with the plan to build two big solar plants with an overall capacity of 148.8 MW in Telangana's Mahbubnagar and Medak districts.
It will start shipping 477,419 German-engineered 310/315 Wp solar modules in August, making sure that everything is in place by 2016 so the plants will begin commercial operation by June. The Southern Power Distribution Co. of Telangana State Ltd has signed a power purchase agreement (PPA) to keep the projects operating for 25 years.
ReNew Power already takes pride in a large portfolio - +GW renewable energy - in India. Considering this, it seems like Hanwha Q Cells will be able to make a bigger name for itself in the country and worldwide.
According to CEO and chairman Sumant Sinha of ReNew Power, "We are very pleased to partner with Hanwha Q Cells on executing these two projects in Telangana". He believes that the Korean company possesses the "right capabilities and experience", making it the perfect partner for the large-scale projects and for attracting other international investments into the clean energy industry of India.
CEO SeongWoo Nam of Hanwha Q Cells has been delighted with the partnership as well, saying: "This 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".
While this is Hanwha's first major project in India, it has signed a deal with Adana Group - also a renewable energy company in the country. It will supply 70 MW modules to Adana.
