Renew power ties up with Korea′s Hanwha to plug into solar India plans

ReNew Power, one of India's leading renewable energy companies, has tied up with South Korea's Hanwha to co-invest in two solar projects in Telangana.The total capacity of the projects add up to 148.8 MW and come soon after ReNew announced a similar joint venture deal with Chinese firm Hareon Solar for a 72MW project in Andhra Pradesh.Hanwha is a Korean solar cells and modules manufacturer, which took over the German company Q.Cells in 2012.“This is the first time that Hanwha Q Cells is investing in a solar project in India,” a company statement said.ReNew Power has said that the Korean company would supply 477,419 “German engineered” solar modules for the two projects in Telangana, in the Medak and Mehbubnagar districts. The delivery of the panels will start in August and is expected to be completed in 2016, the company said.ReNew Power, an independent power producer backed by Goldman Sachs Group Inc, has 550 MW of wind power assets, 50 MW of solar and 700 MW of wind and solar under construction.India's Power Ministry is targeting 100GW of solar power by 2022, with state financial support luring foreign investors including China's Trina Solar Ltd, US-based SunEdison Inc. and Japan's SoftBank Group Corp.Hanwha Q Cells, a renewable energy unit under Hanwha Group, has been stepping up efforts to tap deeper into the global solar market, including the US and Japan as well as other emerging markets.Separately, Q Cells has also signed a contract with the Adani Group in India to supply 70MWcapacity modules for a solar farm to be built in Tamil Nadu by February 2016.