ReneSola Ltd, a leading brand and technology provider of energy efficient products, has entered into a definitive agreement with Pristine Sun, LLC ("Pristine Sun"), a leading San Francisco-based solar project developer, to form a joint-venture, Baynergy, LLC ("Baynergy"), to develop, build and operate over 300MW 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 percent 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 300MW. The joint venture has an initial target of 150MW of solar projects to be in operation by the end of 2016.
"Our partnership with Pristine Sun brings together two leaders in the renewable energy sector and reflects significant progress in our strategic shift to downstream initiatives," said Mr. Xianshou Li, chief executive officer of ReneSola. "The U.S. market is full of tremendous opportunities in the downstream project sector with 25 gigawatts 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.
"We are experiencing fantastic growth at Pristine Sun," said Troy Helming, chief executive officer of Pristine Sun. "Our partnership with ReneSola to develop solar PV projects in the U.S. continues our tradition of working with leading industry players to develop, build and operate a deep pipeline of quality renewable energy projects. Capturing synergies from ReneSola's global platform and high product quality and Pristine Sun's in-depth U.S. market expertise, Baynergy is expected to accelerate efforts in promoting the use of renewable energy in local communities and yield healthy returns for investors of both companies."