China-based integrated PV manufacturer ReneSola has signed an agreement to sell a 24MW portfolio of ground-mount PV projects under development in North Carolina, US, to a subsidiary of Panda Green Energy, formerly known as United Photovoltaics.
The projects involve ReneSola's Virtus II 320W and 325W modules and will sell power generated to a local utility under a 15-year power purchase agreement (PPA). The projects are expected to be connected to the grid by December 2017.
Xianshou Li, chairman and chief executive of ReneSola, said: “This agreement further demonstrates our capability of developing and monetizing projects in the downstream segment of the solar industry. The US remains a key market for us; our project pipeline in the US consists of over 100MW of mid-to-late stage projects, and we continue to expect the region to be a major growth market in the years ahead.”
Last week, ReneSola agreed to sell two ground-mounted PV projects in the UK to Greencoat Solar II LP.