ReneSola, a provider of energy efficient products, and San Francisco-based solar project developer Pristine Sun have signed an agreement to jointly build 300MW of solar projects in the US.
Under the terms of the agreement, the two firms will form a joint-venture (JV), Baynergy, which will build and operate the 300MW of solar power plants including distributed generation projects.
ReneSola will own 51% stake in the joint venture, while Pristine Sun will own the remaining 49% depending on several conditions.
Commenting on the partnership, ReneSola CEO Xianshou Li said: "The U.S. market is full of tremendous opportunities in the downstream project sector with 25GW 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."
Baynergy will initially own solar projects which are under various development stages and plans to commission 150MW solar projects by the end of 2016.
Pristine Sun CEO Troy Helming said: "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."