US-based solar developer Renewable Resource Capital (RRC) has partnered with Youil Ensys, a Seoul, South Korea EPC and solar tracking manufacturer, for the development of 100MW of solar projects over the next three years. The companies did not specify exact locations of the 100MW project pipeline, but alluded to Youil’s expansion into the US market.
Sang Hun Lee, CSO at Youil, said, “Youil is very pleased to enter into this partnership with RRC as Youil is trying to develop solar projects and supply tracker systems all around the world. Youil already has invested in a 30MW solar farm in Philippines and 17MWin Ontario, Canada. We are now ready to move forward in the US solar market with RRC as our partner.”
RRC, which focuses on projects between 250kW and 20MW, will identify, develop and manage the solar projects under the agreement while also providing the necessary construction and permanent financing. Youil will supply the development capital, engineering and management.
Josh Case, CEO at Renewable Resource Capital, said, “As we all know, the most difficult investment dollars to raise for a solar project is the development capital as this is pure risk capital. We seek to mitigate those risks by thoroughly vetting projects to determine which have the highest likelihood for success. We're now aggressively looking for projects from developers interested in a joint venture or co-development relationship where we can assist in bringing their projects to a reality.”