ReneSola announces up to 300 MW downstream PV projects in the US through JV with Pristine Sun

Pristine Sun solar PV project in Chico, CA. US
Pristine Sun solar PV project in Chico, CA. US

ReneSola Ltd. (Jiashan, China) on August 5th, 2015 announced that it has entered into a definitive agreement with solar PV project developer Pristine Sun, LLC (San Francisco, CA, US) to form the joint-venture, Baynergy LLC, to develop, build and operate over 300 MW of solar photovoltaic (PV) projects in the United States, including many distributed generation projects.

Under the terms of the agreement, ReneSola will hold a majority equity interest in the joint venture while Pristine Sun may own up to 49 percent equity interest dependent on meeting certain conditions.

 

150 MW of PV projects to be in operation by the end of 2016

Baynergy initially will own solar PV projects in various development stages and will continue to develop, build and operate a total solar project pipeline of 300 MW, reads the press release.

The joint venture has an initial target of 150 MW of solar projects to be in operation by the end of 2016.

"Our partnership with Pristine Sun brings together two leaders in the renewable energy sector and reflects significant progress in our strategic shift to downstream initiatives," said Xianshou Li, chief executive officer of ReneSola.

"The U.S. market is full of tremendous opportunities in the downstream project sector with 25 gigawatts projected to be constructed in the commercial and utility space in the next five years. We believe we can capitalize on these opportunities and grow the joint venture by leveraging ReneSola's global reputation, network, high-quality green energy products and solar project execution.”

"We are experiencing fantastic growth at Pristine Sun," said Troy Helming, chief executive officer of Pristine Sun.

“Capturing synergies from ReneSola's global platform and high product quality and Pristine Sun's in-depth U.S. market expertise, Baynergy is expected to accelerate efforts in promoting the use of renewable energy in local communities and yield healthy returns for investors of both companies."

 

2015-08-06 | Courtesy: ReneSola; Image: Pristine Sun | solarserver.com © Heindl Server GmbH

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