According to reports, Chinese firm Risen Energy Co Ltd and the solar power arm of Bangalore-based Raasi Group have joined hands to invest in 100 MW of photovoltaic (PV) capacity in the Indian state of Tamil Nadu.
The solar module maker said on Wednesday it had signed a cooperation agreement with Raasi Green Earth Energy Pvt Ltd (RGEE). Under the terms of the deal, they will set up a joint venture (JV) with 51% and 49% stakes, respectively.
In particular, RGEE will be in charge of securing the required licenses and approvals, as well as a power purchase agreement (PPA) with state-owned utility Tamil Nadu Generation and Distribution Ltd (Tangedco). In turn, Risen Energy will supply the PV modules and provide the engineering, procurement and construction (EPC) services for the solar complex.
Apart from Tamil Nadu, the partners plan to expand their future solar operations to other Indian states, such as Karnataka, Telangana and Andhra Pradesh. The Chinese firm explained that this move will not only strengthen its business in India, but is also in line with its overseas development strategy for emerging solar markets.
A definitive agreement will be signed following the completion of a due diligence report and obtaining the relevant approvals.