ReneSola Ltd. today announced that it closed the sale of an approximately 10 MW portfolio of solar development projects to Greenbacker Renewable Energy Company ("Greenbacker"). The sale continues a successful track record in North America. This sale will positively contribute to 1Q 2021 results and was not in the original first quarter guidance.
The portfolio consists of three ground-mounted commercial distributed generation sites located in Utah. The projects are so-called "behind the meter" and will sell electricity directly to two off-take parties. 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, "Greenbacker will be an excellent partner in this portfolio, and we are thrilled to close the sale transaction. We look forward to collaborating with them on other opportunities."
Mr. Yumin Liu, Group Chief Executive Officer of ReneSola Power, commented: "This transaction reconfirms our focus on profitability. As we add the most value from greenfield inception to NTP-ready during the development cycle, we are shifting the mix of sales timing from COD (post-construction) to more at NTP (pre-construction). This capital efficient strategy allows us to focus on growing our quality project pipeline while maintaining healthy margins."
"It's extremely rewarding to be part of expanding renewable energy access in Utah," said Charles Wheeler, CEO of Greenbacker. "ReneSola Power were a pleasure to partner with, and their extensive experience was a clear benefit in originating these solar projects. We look forward to working with them again on future sustainable energy endeavors."