Hareon Solar Technology Co., Ltd. (Shanghai, China), on August 25th, 2014 declared it will partner with Nereus Capital to develop over 150MW of solar photovoltaic (PV) projects in India in coming two years.
“India is a compelling and growing market for solar PV projects,” said Dr. Jie Zhang, VP of Global Business Development of Hareon.
“By partnering with a leading Indian private equity firm, Hareon Solar Technology Co. Ltd. (Shanghai, China)will be able to apply leading technology and end-to-end financing to efficiently develop solar projects.”
Total Indian solar installations are expected to exceed 8 GW in 2016
India‘s economic growth is restricted due to its current 9.3% average energy deficit. Estimated 300 million people in India lac access to electricity. In 2013,
Total installations in 2016, utility, commercial and industrial sectors inclusive, are expected to exceed 8 GW. India stands 6th in regards to addition of installations of 1.1 GW annually.
Nereus’ India Solar Investment Trust looks to generate stable yields by investing in utility-scale solar PV projects in India with creditworthy off-takers.
Jonathan Winer, Managing Director at Nereus feels that India have reached inflection point for solar power.
“It can now be cost-effective for certain industrial and commercial end-users of power in India to purchase solar power directly.”