Hanwha Q Cells To Invest In 50 MW Solar Power Project In India
Leading solar modules manufacturer Hanwha Q Cells has announced a partnership with one of India’s largest solar power project developers.
Hanwha Q Cells will supply modules and invest in the development of a 50 MW solar PV power plant in India. The project will be developed by Azure Power in the southern state of Andhra Pradesh.
Azure Power, among the leading renewable energy project developers in India, secured the rights to develop the project last year through a competitive auction. The auction saw participation from First Solar as a developer for the first time in India. First Solar secured 80 MW solar power capacity at $0.086-0.087 per kWh.
Azure Power won rights to develop 50 MW capacity at a tariff of $0.093 per kWh. The auction, which allocated 500 MW solar power capacity, saw huge participation from Indian and foreign companies ready to set up almost 1.3 GW capacity.
Azure Power has been among the most active solar power project developers in India. The company seems fully focused on the solar power market, and has pledged to add 11 GW worth of capacity over the next 5-7 years.
A number of foreign companies, especially module manufacturers, a looking to partner with Indian project developers to expand their footprint in the Indian renewable energy market as the government is planning to boost investment in the renewable energy sector. ReNew Power, another Indian developer that successfully bid in the Andhra Pradesh auction, recently signed an agreement with Hareon Solar. The China-based modules manufacturer will supply solar panels as well as invest in the 72 MW solar power capacity being developed by ReNew Power.
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