Indian alternative energy investment fund Nereus Capital has agreed to partner with China’s solar panel manufacturer Hareon Solar Corporation to support Indian solar power projects in the next two years, according to Hareon’s official announcement.
Hareon Solar, based in Jiangyin City in China’s southern Jiangsu province, announced in early August that it would establish a subsidiary in India to invest in photovoltaic projects there.
India suffers from a 9.3% average energy deficit that restrains industry and interrupts economic growth with routine blackouts.
India ranked sixth globally for installing 1.1 gigawatt of solar panels in 2013, and the country is expected to install over 8 gigawatt of solar panels in 2016, according to estimates by Hareon.
"As a result of falling project costs and escalating electricity prices, it can now be cost-effective for certain industrial and commercial end-users of power in India to purchase solar power directly," says Jonathan Winer, managing director at Nereus Capital.
Nereus Capital, with offices in Mumbai and Delhi, is an affiliate company of Northern Lights Capital Group, a multi-boutique asset management firm with offices in Seattle, Denver and Tacoma, Washington in the U.S.