ReneSola Ltd 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.
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."