China's ReneSola and San Francisco-based Pristine Sun have agreed to form a joint venture (JV) to develop, build and operate more than 300MW of solar projects in the US.
ReneSola will own a majority stake in the JV, dubbed Baynergy while Pristine Sun will own about 49% interest, depending on several conditions.
The JV will initially own solar projects in several development stages, including ground-mounted facilities and distributed generation arrays.
Baynergy JV intends to have about 150MW of solar projects in operation by the end of next year.
ReneSola CEO Xianshou Li said: "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."
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."
ReneSola supplies photovoltaic (PV) modules to large-scale solar power projects globally including the US, the UK, Germany, France, and Italy.
Pristine Sun developed and built more than $100m of PV solar energy projects in the last two years.