SHANGHAI — ReneSola Ltd (“ReneSola”) (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it signed an agreement to sell a portfolio of its ground-mounted projects located in North Carolina, United States to a subsidiary of Panda Green Energy Group Limited, a leading investor and operator focusing on renewable energy sector (“Panda Green Energy”, formerly known as “United Photovoltaics Group Limited”).
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. 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.”
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.
About Panda Green Energy Group Limited
Panda Green Energy Group Limited (00686.HK), formerly known as United Photovoltaics Group Limited, is a leading investor and operator focusing on renewable energy sector and headquartered in Hong Kong. The Panda Green Energy’s renewable energy projects are located throughout the People’s Republic of China and some overseas regions, including Inner Mongolia, Qinghai, Ningxia, Shanxi, Hubei, Xinjiang, Gansu, Yunnan, Shandong, Jiangsu, Hebei, Guangdong, Tibet and the UK.
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