NINGBO, China, Aug. 26, 2020 /PRNewswire/ — Risen Energy Co., Ltd, a leading, Tier 1 manufacturer of high-performance solar photovoltaic products, has recently announced an additional contract for the supply of 165MW of customised high-performance solar PV modules with Sprng Energy.
Sprng Energy, a leading Indian renewable energy developer, and an Actis group company, has recently purchased 165MW of solar PV modules from Risen, as part of the Anantapur Solar project for supplying power to AP State through NTPC at a competitive price of INR 2.72/kWh. This latest project of Sprng Energy, is an integral part of overall plan to install in excess of 2 GW of renewable energy within India, a little over 1.2% of the total renewable capacity target set by the Indian Government’s 175GW goal.
Whilst this is the first award to Risen by Sprng, there is a historic relation between Risen and Actis, resultant from Risen’s supply of circa 350MW of solar PV modules to another Actis entity in an alternate growth market.
“Professional, dedicated, focussed” answered Mr. Bypina Veerraju Chaudary, CSMO of Risen, when asked to summarise the recent interactions with Sprng, “They know where they are going, and how to get there” he continued, “We are delighted that Risen can be a part of their inspiring goals and be chosen through their objective evaluation of solar PV suppliers. We continue to demonstrate that Risen can deliver tangible net worth benefits to solar project developers”.
Mr. Gaurav Sood, CEO of Sprng Energy, was also emphatic about the order placement; “Developing a solar PV project under current conditions is significantly more complicated than normal, establishing secured supply of materials, labour and timely approvals is an intensive logistical exercise. Our choice of Risen was streamlined from their historical performance and enhanced with their constructive approach to dealing our specific requirements. We are pleased to have them in our portfolio and confident of their ability to perform as anticipated. We look forward to reaping the rewards in the form of good performance and a strong relationship on this and future projects”.
The Indian solar PV arena, battered and bruised from recent COVID19 events, continues to show its “grit & resilience” overcoming past, present, and future adversity. It’s a testament to companies like Sprng, that this behemoth industry can expand when the rest of the world has stagnated, and a further demonstration that nothing beats a committed desire to make a difference with solar energy delivery.
Risen Energy is a leading, global, Tier1, “AAA” credit rated manufacturer of high-performance solar photovoltaic products and provider of total business solutions for power generation. The Company, founded in 1986 and publicly listed in 2010, compels value generation for its global customers. Techno-commercial innovation, underpinned by consummate quality and support, encircle Risen total Solar PV business solutions which are among the most powerful and cost effective in the industry. With local market presence, and strong financial bankability status, we are committed, and able, to building strategic, mutually beneficial collaborations with our partners, as together we capitalise on the rising value of green energy.
Sprng Energy is an Indian renewable energy platform set-up in 2017 by Actis, a leading private equity investor focused on growth markets, with an equity commitment of US$475m. Spring currently has c.1.75GW of contracted solar and wind projects of which c.650MW are operating. The operational capacity is expected to reach to 1.2GW by end of this financial year and remaining projects at various stages of construction.
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