Hanergy has signed a memorandum of understanding (MoU) with renewable energy asset management firm Greenbacker Renewable Energy Corporation for the funding of up to 126MW of PV projects in the US.
The American arm of the Chinese thin-film manufacturer will be able to access a long-term source of capital through the deal, according to a statement issued by Greenbacker. This will allow Hanergy to provide low cost solar to its customers, according to the statement. Financial details have not been disclosed.
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In return, Greenbacker will be offered projects from Hanergy’s pipeline to select for financing. The projects will be developed by Hanergy America Solar Solutions. Greenbacker claims that for both parties, the arrangement will “promote a more efficient process for getting renewable energy projects from development to service”. It could also lead to savings in costs and increased deal flows for both companies, Greenbacker said.
Hanergy America chief executive and chairman Wu Yi, said that the deal with Greenbacker would allow Hanergy to “provide next generation solar technology to each and every corner of the United States”.
Greenbacker Renewable Energy Corporation is an investment vehicle founded by US financial start-up Greenbacker Group, investing solely in renewable energy assets. The vehicle was formed to allow individual investors as well as institutional and other big investors to participate in the market.
