ReneSola Ltd. (NYSE: SOL) announced Jan. 5 that it sold its two solar projects in Holyoke, Massachusetts, to New York-based C2 Special Situations Group LLC, a private investment firm focused on investments in the distributed generation sector.
The projects have a combined capacity of approximately 1.3 MW (dc) and will sell the power generated to the local utility under a 20-year purchase agreement. The projects were completed in the fourth quarter of 2016 and qualified for the Massachusetts RPS Solar Carve-Out II Program.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, said: “This agreement extends our track record of developing and monetizing projects in more attractive developed markets. We believe the U.S. remains an important market for us due to attractive project economics, coupled with streamlined infrastructure for project development. Our project pipeline in the U.S. is over 100 MW, and we expect the region to be a major source of revenue growth in the years ahead.”
Richard Dovere, Managing Partner of C2, added: “These systems represent another quality addition to our firm’s growing portfolio of distributed generation assets throughout the United States.”
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola is an international leading brand and technology provider of energy efficient products.
C2 Special Situations Group is a private investment firm that specializes in power generation investment opportunities.