Solar Deal with India
Hanwha Q Cells, the solar business unit of Korea’s Hanwha Group, has signed a 141 megawatt (MW) solar photovolataic module supply deal with Mahindra Susten Pvt. Ltd. (MSPL), a new renewable energy unit of India’s Mahindra Group.
Under the agreement, Hanwha Q Cells will supply Hanwha SolarOne’s HSL72 modules, which are produced in Hanwha Q Cells’ production facility in China. The modules have been exported to more than 30 countries around the world. The 141 MW modules, a half of the Mahindra Group’s solar projects with 280 MW, will be delivered one by one from October to December this year, and be used in its projects in Gurajat State, Tamil Nadu State and Telangana State.
The Mahindra Group is India’s sixth largest business conglomerate with 71 years of history after its parent company, Mahindra & Mahindra, started business as a Jeep manufacturer in 1945. In particular, the group has numerous subsidiaries in the automobile, aerospace, financial and trade sectors and global networks in over 100 countries. In Korea, it is known as the group acquired Ssangyong Motors in 2010.
Kim Maeng-yoon, managing director of the emerging market (EM) business division at Hanwha Q Cells, said, “With the latest solar module supply deal with the Mahindra Group, which ranked first in terms of market share with 10.4 percent in the solar module installation and planning sectors in India as of the second quarter in 2016, Hanwha Q Cells will be able to strengthen its presence further in the Indian market.” Hanwha Q Cells expects to record sales of 600 MW this year, three times larger than last year.
Meanwhile, India’s Prime Minister Narendra Modi said earlier, “India will produce a total of 100 GW solar power by 2020.” Starting with the 50 MW solar module supply deal with India’s Adani Group early this year, Hanwha Q Cells has been winning large contracts in a row, accelerating the Indian market invasion.