Hareon to build 150MW of PV in India
China's Hareon Solar Technology has signed a strategic cooperative framework agreement with a US investor to build roughly 150MW of PV in India, in addition to securing credit lines from two Chinese banks.
It has agreed to collaborate with the Indian unit of Seattle-based Northern Lights Capital to invest $214m in the development and construction of 150MW of solar projects over the next two years.
In the first phase of the plan, it will team up with Mumbai-based renewables investor Nereus Capital to invest roughly $35m in roughly 32MW of PV capacity in India, according to a statement on the Shanghai stock exchange.
Last week, Hareon also said that it has secured a 10 billion yuan ($1.6bn) credit line with the Suzhou branch of the Bank of Communications, as part of a long-term strategic partnership.
The loans will help Hareon develop ground-mount PV arrays and hydropower projects.
In addition, Hareon also said that one of its wholly owned subsidiaries, Altusvia Energy (Taicang), has also signed a tentative agreement with the Bank of China’s Suzhou branch for up to 10 billion yuan of loans. The credit line, valid through 2015, will help the company invest in PV projects.
Hareon — based in eastern China's Jiangsu province — has announced a series of ambitious plans in recent months.
In early August, it signed a framework agreement with Switzerland’s ILB Helios to build 6.27GW of solar capacity in Europe, Africa, the Middle East and North America through 2017.
In July, it signed another framework agreement with the authorities in China’s Hebei province to build 600MW of distributed-generation solar for roughly 6 billion yuan, including 300MW of rooftop PV.
And in June, Hareon unveiled plans to establish a venture in Johannesburg with mining and construction contractor AMED Energy. Under that agreement, it will sell its solar panels, provide EPC services and potentially invest in PV projects throughout Africa.