ReneSola Inks Deal To Sell 6.75MW Of Solar Project In NC

Zacks Investment Research | Apr 17, 2017 10:24PM ET

ReneSola Ltd (NYSE:SOL) announced that it has entered into an agreement with New York-based Greenbacker Renewable Energy Company, LLC to sell its utility-scale project located in North Carolina.

Project Details

The project is powered by ReneSola's Virtus II 315W modules and has an approximate capacity of 6.75 megawatts (MW). The generated power will be sold to the local utility under a 15-year purchase deal. ReneSola considers the U.S. to be an important market and stated that it has about 105 MW of mid-to-late stage pipeline projects in the country.

Recent Solar Projects

In Mar 2017, ReneSola announced its plans to build over 550 MW of solar projects in 2017. The company said that it intends to build plants with a total capacity of 303 MW in China this year. It already has solar rooftop projects of over 393 MW in the country.

In Jan 2017, the company sold two of its solar projects in Holyoke, MA (the "Projects") to New York-based C2 Special Situations Group, LLC. The latter is a private investment firm that focuses on investments in the distributed generation sector. These projects offered a potential capacity of approximately 1.3 MW DC which was to be sold to the local utility under a 20-year purchase agreement.

In the same month, SunPower Corporation (NASDAQ:SPWR) announced that it has clinched an order to supply 130 megawatts (MW) of its high efficiency E-Series solar panels for installation in France’s large-scale solar power projects. The company plans to manufacture a significant amount of these panels at its facilities in Toulouse, France. (Read more: Zacks Investment Research

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Written By: Zacks Investment Research

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