A joint venture between ReNew Power, India’s leading clean energy company, and Hareon Solar, one of China’s largest solar energy companies, has commissioned a 72 MW project in Andhra Pradesh.
The project, located across two districts of Andhra Pradesh – Kurnool and Prakasam – is expected to generate 115 million units of energy per year and is connected to 132/33kV Adoni substation and 132/33kV Cumbum substations, respectively. The project was part of competitive bidding conducted in November 2014 by two distribution utilities of Andhra Pradesh namely – Southern Power Distribution Company Limited of Andhra Pradesh (APSPDCL) and Eastern Power Distribution Company (APEPDCL).
Out of the total selected 619 MW solar PV power projects, this JV enjoys the distinction of having its project amongst the first few to be commissioned. The power generated from this project will be sold under a 25-year power purchase agreement (PPA) with APSPDCL. The project was built using Hareon Solar’s high efficiency multi-crystalline silicon solar modules.
Sumant Sinha, Chairman and CEO, ReNew Power said, “Our association with Hareon Solar has worked extremely well since we inked the pact in July 2015. ReNew Power’s extensive experience in executing projects in India has been matched by Hareon’s high efficiency solar modules production. This has helped us fast-track the commissioning of this project. Both Indiaand China are leading the way in solar energy revolution and this partnership will go a long way in setting new benchmarks for quality and efficiency.”
Jie Zhang, VP of Global Business Development at Hareon Solar said, “We are very impressed by the professional team of ReNew Power under the leadership of Mr. Sumant Sinha. Both companies share the same vision that quality is the soul of PV projects, and put tremendous focus on selecting top quality products and ensuring smooth project execution. Hareon Solar has invested in and commissioned more than 1,000 MW of PV projects across 7 countries, and has announced several long-term investments in India, including PV power plants and high efficiency solar cell manufacturing. We look forward to a long-term partnership with ReNew Power, and are proud to make our small contribution to India’s grand solar initiative.”
Founded in 2011 by Sumant Sinha, ReNew Power has more than 2500 MW of commissioned and under-construction clean energy assets. Currently, it operates at 30 sites in 9 states (Gujarat, Haryana, Madhya Pradesh, Rajasthan, Maharashtra, Karnataka, Jharkhand, Telangana and Andhra Pradesh) across the country. The company is backed by marquee investors like Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Global Environment Fund and Asian Development Bank.
In the last one year, ReNew Power has ramped up its solar energy portfolio. It recently signed Power Purchase Agreements (PPAs) for four solar ground mounted projects with combined capacity of 286 MW in Telangana. Further, it has also won bids in Karnataka (180 MWs) and Jharkhand (522 MWs) for which the PPAs will be signed shortly.
Some of ReNew Power’s notable achievements:
- ReNew Power is the best capitalized renewable energy company in the country.
- ReNew Power is the largest capital raiser in debt markets in the renewable energy IPP sector in the last four years with over Rs. 8,000 cr of debt sanctions.
- In September 2015, ReNew Power installed and commissioned India’s tallest wind tower. It is a lattice/tubular tower (hybrid tower) of 120m height, installed for the first time anywhere on-shore in the world.
- In September 2015, ReNew Power launched the first-ever infrastructure bond issuance credit enhanced by IIFCL, rated AA+.
- First company to get a USD 250 Million line from OPIC to debt finance solar projects.
- All ReNew Power projects are UNFCCC (United Nations Framework Convention on Climate Change) registered.
- Scheduling and Forecasting is being done for all ReNew projects through ReNew Power Information System which won the Skoch Smart Technology Award 2015.
- Currently commissioned ReNew power projects are mitigating 2.08 million tons of CO2 emissions till date, and will mitigate more than 52 million tons of CO2 emissions in their lifetime.
