SHANGHAI, June 20, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer and operator, announced the closing of the sale of its utility-scale project located in North Carolina, United States to New York-based Greenbacker Renewable Energy Company, LLC ("Greenbacker"), a publicly registered, non-traded Limited Liability Company focused on investments in renewable energy power plants and energy efficiency projects as well as other sustainable investments.
The North Carolina project has a capacity of 6.75 MW and represents ReneSola's second project sale to Greenbacker, following a successful sale of a similar project in April 2017. Rockwood Group, through its partnership with The Guardian Life Insurance Company of America, facilitated cash and tax equity financing for the project. The North Carolina project will sell all power generated to the local utility under a 15-year purchase agreement.
ReneSola's CEO of North America, Vice President of Strategy Doran Hole commented, "We are excited to be continuing to work with Greenbacker. This transaction exemplifies how ReneSola is able to work closely together with experienced project buyers, advisors and tax equity investors to successfully develop and finance solar projects."
ReneSola's Chief Executive Officer Xianshou Li commented, "This project sale once again demonstrates our capability of developing and monetizing projects in attractive developed markets as well as validates our development team's expertise to deliver cost-competitive distributed power. Additionally, I am very proud of our team's efforts in helping secure a tax equity investor for the transaction."
Mr. Li continued, "The U.S. remains an important market for us, and this sale is another example of the Company's ability to grow its U.S. footprint. Our project pipeline in the U.S. remains solid, and we expect the region to be a key growth market for us in the next several years."
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 operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company is a publicly registered, non-traded limited liability company that owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments in excess of 200 megawatts of power generation assets as of March 31, 2018.
About Rockwood Group
Rockwood Group is a national investment and asset management firm that provides innovative financing through public/private partnerships and access to capital markets for economic development and energy-related projects. Rockwood focuses on understanding, meeting and exceeding the specific needs and objectives of our investor partners and the communities in which we invest. Rockwood Management Corporation is owned by its employees through an employee stock ownership plan. To learn more visit: www.RockwoodAM.com.
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SOURCE ReneSola Ltd.