Nereus Capital backs China's Hareon Solar

The investment comes after Hareon revealed earlier this month that it would establish an Indian subsidiary to invest in photovoltaic projects in the country.

According to a release, India has 9.3% average energy deficit, while an estimated 300 million people do not currently have access to electricity. In 2013, the country ranked sixth worldwide in annual solar capacity additions with installations of 1.1 gigawatts. Total installations in 2016, including utility, commercial and industrial sectors, are expected to exceed 8 GW.

"I think we've reached an interesting inflection point for solar power in India," said Jonathan Winer, managing director at Nereus. "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."

Nereus is an affiliated company of Northern Lights Capital Group, an asset management business with $22.6 billion in assets under management across 13 affiliated companies as of June this year. Nereues invests via its flagship vehicle India Energy Fund. The fund provides flexible financing to companies engaged in renewable power generation and clean technologies in India.

"India is a compelling and growing market for solar PV projects," added Jie Zhang, Hareon's vice president of global business development. "By partnering with a leading Indian private equity firm, we are able to apply leading technology and end-to-end financing to efficiently develop and construct solar projects."

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• Topics
• South Asia
• Cleantech
• Greater China
• Expansion
• India
• Cleantech
• Nereus Capital
• China
• Growth capital