ReneSola sells two Massachusetts solar projects to Special Situations Group

ReneSola Ltd, a fully-integrated solar project developer and provider, sold its two solar projects in Holyoke, Mass., 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 MWDC and will sell the power generated to the local utility under a 20-year purchase agreement. The projects were completed in Q4 2016 and qualified for the Massachusetts RPS Solar Carve-Out II Program.

“This agreement extends our track record of developing and monetizing projects in more attractive developed markets,” said Xianshou Li, Chairman and Chief Executive Officer of ReneSola. “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.”

“These systems represent another quality addition to our firm’s growing portfolio of distributed generation assets throughout the United States,” Richard Dovere, Managing Partner of C2  We enjoyed working with ReneSola on these projects and look forward to expanding our relationship with their top-tier development team.”

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Tags: development, transactions