ReneSola Closes North Carolina Solar Project Sale to Greenbacker Renewable Energy Company

ReneSola Ltd 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.”