Hanwha Q CELLS announced a Joint Venture agreement with India’s ReNew Power Ventures (ReNew Power). A solar PV module supply agreement has also been secured along with the signing of the JV establishment. The JV is designed for a two solar projects totaling 148.8MW consisting of Hanwha Q CELLS’ solar modules. Deliveries will begin in this August and the commissioning is anticipated in June 2016.
Under terms of the agreement, Hanwha Q CELLS will provide 148.8 MW of its 310/315 Wp (HSL72S) solar modules to ReNew Power. Those "German Engineered" modules are made in automated production facilities located in China, Malaysia and South Korea.
ReNew will develop, build and operate the two solar projects, while Hanwha Q CELLS may hold up to 49% equity ownership of them. The solar projects are located in the Medak and Mehbub Nagar districts in the State of Telangana. 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."
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.