Hareon in South Africa PV JV
China’s Hareon Solar will set up a venture in Johannesburg with mining and construction contractor AMED Energy to sell its PV modules, provide EPC services and possibly invest in solar projects in Africa.
AMED will take a 60% stake in Hareon Solar SA, while Hareon will hold the remaining interest.
The venture will provide a base from which Hareon can explore opportunities throughout South Africa and other African nations, the Jiangsu-based PV cell and module maker said in a statement to the Shanghai Stock Exchange.
Hareon also received approval from the China Securities Regulatory Commission (CSRC) this week to raise as much as 3.8bn yuan ($610m) via a private placement of 472 million shares.
It will use the proceeds to finance the construction of a 122MW solar project in Romania.
In February, Hareon announced plans to build 150MW of solar capacity at three locations in China.
And last November, it vowed to install 1GW of PV in Inner Mongolia’s remote Alashan region.