Asia Biz News - Asian Business News and Tenders

Greenbacker to Acquire ReneSola North Carolina Solar Project

April 17, 2017

ReneSola Ltd., a fully-integrated solar project developer based in China, will be selling its North Carolina utility-scale project to Greenbacker Renewable Energy Company, LLC, of New York.

Greenbacker is a publicly registered, non-traded Limited Liability Company focused on investments in renewable energy power plants and energy efficiency projects as well as other sustainable investments.

Powered by ReneSola's Virtus II 315W modules, the utility project has a capacity of approximately 6.75 MW and will sell the power generated to the local utility under a 15-year purchase agreement.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "This agreement further demonstrates our capability of developing and monetizing projects in more attractive developed markets. The U.S. remains an important market for us, and recent activity continues to highlight our competitive advantages in the region. Our project pipeline in the U.S. consists of over 105 MW of mid-to-late stage projects, and we expect the region to be a major growth market in the years ahead."