Renesola Sells North Carolina Solar Project to Greenbacker

As per the deal, this project will sell all power generated to the local utility under a 15-year purchase agreement.

Chinese solar company ReneSola has sold its utility-scale North Carolina project to New York-based Greenbacker Renewable Energy Company.

This North Carolina solar project has a capacity of 6.75 MW and represents the Chinese company’s second project sale to Greenbacker, following a successful sale of a similar project in April 2017.

As per the deal, this project will sell all power generated to the local utility under a 15-year purchase agreement.

Besides, Rockwood Group in partnership with The Guardian Life Insurance Company of America facilitated cash and tax equity financing for the project.

Commenting on the deal, ReneSola, CEO, North America, Vice President of Strategy, Doran Hole said, “We are excited to be continuing to work with Greenbacker. This transaction exemplifies how ReneSola is able to work closely together with experienced project buyers, advisors and tax equity investors to successfully develop and finance solar projects.”

“This project sale once again demonstrates our capability of developing and monetizing projects in attractive developed markets as well as validates our development team’s expertise to deliver cost-competitive distributed power.  Additionally, I am very proud of our team’s efforts in helping secure a tax equity investor for the transaction,” said Xianshou Li, Chief Executive Officer, ReneSola.

“The US remains an important market for us, and this sale is another example of the company’s ability to grow its US footprint. Our project pipeline in the US remains solid, and we expect the region to be a key growth market for us in the next several years,” Li added.