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In Exclusive Talk With ​Geoffrey

S. Kinsey

Ph.D., Director of Business Development, Hareon Solar India

EQ: How much modules have you supplied to India till now, what is the target/expectation in 2017-18 GSK: More than 350 MW installed to date (over 1 million modules) Target for 2017/18 is about 200 MW.

EQ: The recent aggressive bidding by various developers keeping Solar Tariffs in the price range of Rs.2.44-3.3 per kWh in various Solar Tenders…Whats your view on the viability, Costs & timeline pressures, Resource Challenges (Materials, ManPower, Execution, Grid Connection, Land Possession) etc… GSK: The low-end tariff recentlyquoted, Rs. 2.44, is a “fringe” bid that was placed at one location, where commissioning costs were particularly favorable; it is also based on speculation that future project costs will be well below current costs. Such speculative prices can be expected in any auction process, but the fundamentals of power plant construction costs will not necessarily shift to meet these expectations. As such, low-end bids do not represent the cost of PV energy across the country. Understanding that such low numbers tend to attract (probably undue) attention, it would be better to track average tariffs as a way to understand the near future of the market. Some of the lowest tariffs seen in the recent auctions have been for solar parks, where land, interconnection and other shared infrastructure costs are quite low. We have also seen a large influx



September Part D 2017

EQ: Kindly enlighten our readers on the performance of your modules in India in various geographic locations, customer feedback. GSK: The multicrystalline modules that make up the bulk of Hareon Solar projects in India to date have predictable performance wherever the local solar resource and temperature are known. We track the performance of our modules against “predicted” generation (using PVsyst) and “expected” generation (using measured local conditions). Performance to date matches expectation and, in some cases, has exceeded predictions based on the module ratings. Sample data from our installations is available on our website ( of low cost capital for solar projects in India (Engie, Softbank, etc.) due to significant de-risking of the Indian solar sector over the last few years. Even so, we believe some developers have taken aggressive calls on equipment costfor the next 12 – 15 months. So far this year, we have not seen softening of the poly silicon and module price going into Q3 as we saw in 2015 and 2016. Poly price has increased in the last few weeks, and if the poly price holds in the $13 - $15 per kg range, we may not see the expected decline in the module price.

EQ: What are the Module Price Guideline on module prices for next Q3-Q4-2017 and 2018

EQ: Present some noteworthy projects, case studies of solar plants built using your solar modules GSK: At 172 MW, the Dichipally project recently commissioned with ReNew Power is the largest project Hareon has constructed outside of China, and most likely the largest solar project by a Chinese company in India. Our six utility-scale projects in Telangana and Andhra Pradesh add up to 320 MW. EQ: Please describe in brief about your company, directors, promoters, investors, its vision & mission GSK: Hareon Solar, founded in 2004, is one of the world's largest solar cell & module manufacturers. Hareon Solar also develops, constructs, and operates PV power plants around the world. Hareon Solar Technology Co., Ltd. has been listed on Shanghai Stock Exchange (ticker: 600401) since 2012. Current market capitalization is about US$1 billion.

GSK: Assuming stable polysilicon prices, we expect prices for Tier-1 modules to remain in the vicinity of US$0.32 in Q3 – Q4 2017.

EQ Magazine Sept 2017 Part 4/4  

11th REI Expo Special Edition Part D