ReneSola Ltd, a leading brand and technology provider of energy efficient products, has entered into a definitive agreement with Pristine Sun, LLC ("Pristine Sun"), a leading San Francisco-based solar project developer, to form a joint-venture, Baynergy, LLC ("Baynergy"), to develop, build and operate over 300MW of solar 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. Baynergy initially will own solar projects in various development stages and will continue to develop, build and operate a total solar project pipeline of 300MW. The joint venture has an initial target of 150MW of solar projects to be in operation by the end of 2016.
ReneSola, a leading brand and technology provider of energy efficient products, has agreed to provide Cofely Solar Technics, a major player in energy efficiency, with 30MW of solar modules, which will be used in a ground-mounted, utility-scale project in Nottinghamshire in the UK.
Under the terms of the agreement, ReneSola's contracted OEMs will deliver 30MW of the Company's high-efficiency 260w Virtus II solar modules produced in Poland for the project between July and September of this year.
"The UK continues to serve as an important market for ReneSola, be it for our self-developed downstream projects or for our solar module supply contracts with buyer partners like Cofely Solar Technics who have their own projects within the country," said Mr. Xianshou Li, ReneSola's chief executive officer. "Regardless of the end-market, our Virtus II modules remain in high demand for their consistent quality and efficiency. We are pleased to enter into this 30MW supply agreement and look forward to future opportunities for collaboration."
"We are experiencing fantastic growth at Pristine Sun," said Troy Helming, chief executive officer of Pristine Sun. "Our partnership with ReneSola to develop solar PV projects in the U.S. continues our tradition of working with leading industry players to develop, build and operate a deep pipeline of quality renewable energy projects. 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."