ReneSola has entered into a definitive agreement with Pristine Sun, LLC (Pristine Sun), a San Francisco-based solar project developer, to form a joint-venture, Baynergy, LLC (Baynergy), to develop, build and operate over 300 MW of solar projects in the United States, including many distributed generation projects.
Under the terms of the agreement, ReneSola will hold a majority equity interest in the joint venture while Pristine Sun may own up to 49% equity interest dependent on meeting certain conditions. Baynergy initially will own solar projects in various development stages and will continue to develop, build and operate a total solar project pipeline of 300 MW. The joint venture has an initial target of 150 MW of solar projects to be in operation by the end of 2016.
Mr. Xianshou Li, chief executive officer of ReneSola, commented, "The U.S. market is full of tremendous opportunities in the downstream project sector with 25 GW 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 Mr. Li.