ReneSola Ltd. has inked an agreement with Pristine Sun LLC to set up a joint venture that aims to develop 300 megawatts of solar projects in the US.
The JV, named as Baynergy LLC, will also develop distributed generation projects. Under the terms of the agreement, ReneSola will hold a majority stake in the Baynergy, while Pristine Sun may own up to 49% equity interest.
Baynergy will initially own solar projects in various development stages and will continue to develop, build and operate a total solar project pipeline of 300MW. The joint venture has an initial target of 150MW of solar projects to be in operation by the end of 2016.
“Our partnership with Pristine Sun brings together two leaders in the renewable energy sector and reflects significant progress in our strategic shift to downstream initiatives,” said ReneSola CEO Xianshou Li. “The US market is full of tremendous opportunities in the downstream project sector with 25 gigawatts projected to be constructed in the commercial and utility space in the next five years.
“We believe we can capitalize on these opportunities and grow the joint venture by leveraging ReneSola’s global reputation, network, high-quality green energy products and solar project execution. This, combined with Pristine Sun’s strong combination of a dynamic management team with extensive solar project experience and an expansive portfolio of quality solar projects throughout the United States, provides the foundation for a dynamic and effective partnership,” added Li.