Hareon Solar to establish units in Singapore, Mauritius

Chinese firm Hareon Solar Technology Co Ltd (SHA:600401) said Saturday it plans to set up subsidiaries in Singapore and Mauritius, aiming to expand both its overseas production and photovoltaic (PV) plant investment businesses.

Hareon Solar Singapore Pvt Ltd and Hareon Solar Mauritius Pvt Ltd, both of which will be wholly-owned by the company, will mainly engage in investment in PV equipment production plants and solar power generation facilities across India and other Asia-Pacific countries. They will have an initial working capital of USD 1,000 (EUR 931.8).

The move has received the green light from the company’s board of directors on March 28. The names of the project companies are currently subject to approvals from the respective business registration authorities.

Hareon Solar makes solar equipment and also develops, builds and operates PV parks worldwide. The company explained that its latest move is in line with its long-term development strategy and will enhance its overall profitability.

(USD 1.0 = EUR 0.932)

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