Connect with us

Hi, what are you looking for?

China's Hareon Solar is just one of many renewable energy companies looking to take advantage of Indian government support of solar power development.

Cleantech News

PE-Backed Hareon Solar Plans To Add 150 MW Solar Power Capacity In India

China’s Hareon Solar is just one of many renewable energy companies looking to take advantage of Indian government support of solar power development.

Sunset in rural India

Favorable regulatory measures have rekindled international interest in India’s renewable energy sector, with several companies like GE Energy Financial Services and Goldman Sachs making significant investments over the last few years.

Joining the bandwagon is Shanghai-based Hareon Solar, which has announced plans to install 150 MW solar power capacity over the next two years. The Chinese solar panels manufacturer has teamed up with private equity fund Nereus Capital to set up the solar power projects.

Hareon Solar will enter the Indian market through a local subsidiary – Hareon India Private Limited – and will look to install solar power projects to cater to the utility power demand, as well as the telecom and residential markets.

A number of Indian states are planning to install thousands of megawatts of solar power capacity which includes utility-scale as well as rooftop solar power projects. Some of the states are also planning to implement net metering programs as well.

The central government recently announced a budget of about $150 million for large-scale solar power projects, solar-powered irrigation pumps, and canal-top solar power projects. As per the National Solar Mission, about 9,000 MW capacity is to be auctioned and allocated to project developers by 2017, but the new government may look to increase this capacity as it plans to aggressively promote solar power in the country.

Such ambitious targets and supportive regulatory mechanisms are the reasons why Nereus Capital is bullish on the Indian renewable energy sector, and has set up two exclusive private equity funds to finance renewable energy projects. The India Alternative Energy Fund provides finance to independent power producers for construction and implementation of renewable energy projects, while the India Solar Investment Trust provides construction finance to utility-scale solar power projects that provide electricity to commercial or industrial users.

Some of the recent high-ticket private equity investments in Indian solar power projects include a $24 million investment by GE Energy Financial Services in Asia’s largest solar project.

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

Mridul currently works as Head-News & Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master’s in Technology degree from The Energy & Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor’s degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.


You May Also Like

Green Economy

Some of the leading global pension funds are vying for a stake in the latest renewable energy yieldco offering in India. According to media...

Green Economy

Global investment firm KKR has participated in the second fundraising exercise in sixth months for India-based Serentica Renewables. According to media reports, KKR has...

Green Economy

The Indian renewable energy company Avaada has secured a massive $1.07 billion from multiple investors, including Brookfield.  According to media reports, Brookfield Renewable, part...

Clean Power

GAIL India, a government-owned natural gas distribution company, has announced plans to enter the solar module manufacturing sector. GAIL, formerly Gas Authority of India...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.