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ReneSola Power and Greenbacker close sale of 10-MW solar portfolio in Utah

Written by: Leonard Parker | Solar News | 09th April

ReneSola Power has closed the sale of an approximately 10 MW portfolio of solar development projects to Greenbacker Renewable Energy Company. The portfolio consists of three ground-mounted commercial distributed generation sites located in Utah. The projects are behind the meter and will sell electricity directly to two off-takers. The projects are being sold at the “Notice to Proceed” stage, and Greenbacker will complete the construction and retain long-term ownership.

“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,” stated John Ewen, CEO of ReneSola Power North America.

“This transaction reconfirms our focus on profitability,” stated Yumin Liu, Group Chief Executive Officer of ReneSola Power. “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.”