Hareon Solar Technology Co. will invest in India for the first time as the South Asian nation boosts its clean-energy capacity almost fivefold. The manufacturer will team with ReNew Power Ventures Pvt. to develop a 72MW project in Andhra Pradesh.
Hareon Solar will supply about 234,000 solar modules starting next month, according to the statement. The planned plant in the Kurnool district, slated to power more than 30,000 homes and save at least 115,000 tons of carbon dioxide a year, is due for completion by December.
"This is the first actual Chinese investment into India," ReNew Power Chief Executive Officer Sumant Sinha said in an interview. The project will cost an estimated 4.7 billion rupees ($74 million), he said, without breaking down the investment from each partner.
The Kurnool plant will be ready to start next March.