Hareon Solar has announced their partnership with Nereus Capital to develop 150MW of solar power projects in India over the next two years.
India is an appropriate market for solar PV projects. The partnership with an Indian private equity firm, helps in providing technology and end-to-end financing to efficiently develop and construct solar projects, said, Jie Zhang, VP, Global Business Development, Hareon.
Nereus’ India Solar Investment Trust plans to generate electricity by investing in utility-scale solar PV projects in India.
As a result of falling costs and escalating electricity prices, it can now be cost-effective for end-users of power in India to purchase solar power directly, said Jonathan Winer, managing director, Nereus.
Currently, India is suffering from a 9.3percent average energy deficit that suffocates industry, restricts economic growth, and results in routine blackouts.
Further, almost 300 million people in India do not have access to electricity.
In 2013, India ranked 6th in annual solar capacity additions globally with installations of 1.1 GW.
Total installations in 2016, including utility, commercial and industrial sectors, are expected to exceed 8 GW.