Goldman Sachs-backed renewable power company, ReNew Power, has entered into another joint venture with the Chinese solar module manufacturer, Hareon, to set up 200 MW of solar projects.
ReNew and the Shanghai-based Hareon had already partnered with each other for a 72 MW solar project in Andhra Pradesh, which was commissioned in May.
“This is another JV with them, for 200 MW,” Sumant Sinha, Chairman and CEO, ReNew Power. The 200 MW is to be built by two (joint venture) SPVs, ReNew Mega Solar and ReNew Solar Energy (Telangana). At the going rates, 200 MW of solar would cost around Rs. 1,000 crore.
The joint venture will use Hareon’s modules. The Chinese company has signed contracts worth Yuan 170 million (Rs 170.55 crore) and Yaun 500 million (Rs 501.43 crore) respectively for the two projects—making it Rs. 672 crore for 200 MW, or Rs. 3.36 crore a MW.
ReNew Power has over 2,500 MW of wind and solar plants either commissioned or under-construction. The company is funded by Goldman Sachs, Abu Dhabi Investment Authority and the Asian Development Bank.
Hareon is one of China’s loss-making solar module manufacturers which faced the prospect of delisting from the Shanghai Stock Exchange because of its continued losses.