ReneSola, a fully-integrated solar project developer and provider of energy-efficient products, has signed an agreement to divest a portfolio of its ground-mounted projects in North Carolina, US, to a subsidiary of Panda Green Energy Group Limited.
The ground-mounted projects, powered by ReneSola's Virtus II 320W and 325W modules, come with an aggregate capacity of around 24MW and will sell the power produced to a local utility under a 15-year power purchase agreement.
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The projects are expected to be linked to the grid by December this year.
ReneSola chairman and chief executive officer Xianshou Li said: "This agreement further demonstrates our capability of developing and monetizing projects in the downstream segment of the solar industry.
"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."
Set up in 2005 and listed on the New York Stock Exchange in 2008, ReneSola is a solar project developer and technology provider. It provides products and services for EPC, installers, and green energy projects around the world.
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By GlobalDataPanda Energy Group is an investor and operator focusing on renewable energy sector. It was formerly known as United Photovoltaics Group Limited.
