Joint Solar Venture
Hanwha Q Cells, the leading Korean solar cell maker, said on July 21 that it is going to make a joint venture with ReNew Power Ventures to build two solar power plants with a total capacity of 148.8 megawatts in the central Indian state of Telangana. The Indian partner is one of India's leading renewable power companies.
The joint venture will construct the facilities, which can provide electricity for 53,000 households or 250,000 residents, next month, with the aim to complete it by the end of this year.
The Korean solar power maker also inked a contract with Adani Group, an Indian energy company, to exclusively supply 70-megawatt-capacity modules for a solar farm to be built in Tamil Nadu by February 2016.
The Indian government plans to secure solar power capacity of 100 gigawatts by 2020 to cut carbon emissions.
“Being a global number one cell maker, Hanwha Q Cells has now come to secure its strong position as a global solar power company by expanding the solar market, which has focused on Japan, the U.S., Europe, and China, to the emerging economy with the Indian downstream project,” said Nam Seung-woo, CEO of the company.