ReneSola to sell 24 MW project to Panda Green Energy subsidiary

ReneSola announced that it signed an agreement to sell a portfolio of its ground-mounted projects located in North Carolina, U.S., to a subsidiary of Panda Green Energy Group, a leading investor and operator focusing on renewable energy sector

Powered by ReneSola’s Virtus II 320W and 325W modules, the ground-mounted projects have an aggregate capacity of approximately 24MW and will sell the power generated to a local utility under a 15-year power purchase agreement.

The projects are expected to be connected to the grid by December 2017.

Xianshou Li, chairman and chief executive officer of ReneSola, commented, “This agreement further demonstrates our capability of developing and monetizing projects in the downstream segment of the solar industry.”

Li added, “ The U.S. remains a key market for us; our project pipeline in the U.S. consists of over 100MW of mid-to-late stage projects, and we continue to expect the region to be a major growth market in the years ahead.”