New York-listed global solar project developer ReneSola Power has entered into a sale agreement with Canada headquartered Grasshopper Energy for its cumulative 6.8 MW of solar portfolio in Canada.
ReneSola has offloaded its operating projects located in Canada, which comprised of fifteen solar plants under development, totalling 6.8 MW of capacity.
Moreover, these 15 projects were qualified under the Canadian feed-in tariff scheme, which was subsequently discontinued in late 2016, the project developer said.
The company claimed that the green energy projects developed by it across the globe delivered attractive returns.
On the current scenario of the market situation, Yumin Liu, CEO of ReneSola Power, said that “despite the challenging market conditions due to the Coronavirus outbreak, we continue to execute on our strategy and demonstrate our ability to monetize solar assets across North America.”
“This transaction builds upon our successful track record in the region and generates solid operating cash flow, which will be utilized in the execution of our current strategy. We are proud of our progress and are optimistic about our opportunities across different geographies for profitable growth in the quarters ahead,” Liu added.
“Grasshopper has been an excellent partner in financing this portfolio, and we are thrilled to close the transaction. We look forward to collaborating with them on other opportunities,” said John Ewen, CEO of ReneSola Power North America.
Azeem M. Qureshi founded Grasshopper Solar develops and own clean energy assets globally. Presently, the company owns USD 1.8 billion of assets. It also has a development pipeline of USD 6.5 billion across the globe.