Hareon Photovoltaic, a wholly owned subsidiary of Hareon Power Singapore, a vertically integrated solar PV manufacturer, will invest $76.6 million (~Rs.4.91 billion) for a 45 percent stake in Azure Power Thirty-Seven Private Limited, a wholly owned subsidiary of Azure Power.
The funds will be utilized to develop 118 MW of solar projects in Telangana, according to a Hareon Photovoltaic release. A power purchase agreement for the project has been signed with National Thermal Power Corporation (NTPC) for a 25-year period.
The companies also signed a contract to supply Hareon manufactured modules for the 118 MW project totaling $40 million (~Rs.2.56 billion).
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.