ReneSola Power Closes Sale of 12 MWdc of Solar Projects in Maine

PVTIME – ReneSola Ltd (“ReneSola Power” or the “Company”) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it closed the sale of a 12 MWdc portfolio of solar development projects to Greenbacker Renewable Energy Company (“Greenbacker”), a publicly registered, non-traded limited liability company focused on investments in renewable energy power and energy efficiency projects, as well as other sustainable investments.  The sale demonstrates the Company’s proven track record in North America.

The portfolio comprises four ground-mounted projects across different locations in Maine.  The projects are being sold at the “Notice to Proceed” (NTP) stage, and Greenbacker will complete the construction and retain long-term ownership.

Mr. John Ewen, CEO of ReneSola Power North America, commented, “ReneSola Power is committed to accelerating solar development in the U.S., and we are thrilled to see these projects contribute to Greenbacker’s renewable energy portfolio and the clean energy goals of Maine.”

Mr. Yumin Liu, Group Chief Executive Officer of ReneSola Power, said, “Greenbacker is an important partner to us, and we are excited to once again collaborate on these projects and help expand their renewable energy footprint in Maine.  Community solar is an attractive market for us in the U.S., and this transaction aligns with our strategy to focus on high-quality early-stage project development.  We look forward to leveraging our expertise to drive solar development activity across the U.S.” 

Mr. Charles Wheeler, Chief Executive Officer of Greenbacker, said, “We’re proud that these projects will contribute to cheaper renewable energy for Mainers. Our partnership with ReneSola Power—and their wide-ranging renewables expertise—continues to help the Pine Tree State progress toward its admirable clean power generation goals, and we look forward to collaborating on projects with them in the future.”