ReneSola signs agreement to divest 24MW of solar projects in North Carolina

ReneSola, a fully-integrated solar project developer and provider of energy-efficient products, has signed an agreement to divest a portfolio of its ground-mounted projects in North Carolina, US, to a subsidiary of Panda Green Energy Group Limited.

The ground-mounted projects, powered by ReneSola's Virtus II 320W and 325W modules, come with an aggregate capacity of around 24MW and will sell the power produced to a local utility under a 15-year power purchase agreement. 

The projects are expected to be linked to the grid by December this year.

ReneSola chairman and chief executive officer Xianshou Li said: "This agreement further demonstrates our capability of developing and monetizing projects in the downstream segment of the solar industry.

"The U.S. remains a key market for us; our project pipeline in the U.S. 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."

Set up in 2005 and listed on the New York Stock Exchange in 2008, ReneSola is a solar project developer and technology provider. It provides products and services for EPC, installers, and green energy projects around the world.

Panda Energy Group is an investor and operator focusing on renewable energy sector. It was formerly known as United Photovoltaics Group Limited.