ReneSola, a fully integrated solar project developer, has sold a 10-megawatt portfolio of solar development projects to Greenbacker Renewable Energy Co.
The portfolio consists of three ground-mounted, commercial distributed-generation sites located in Utah. The “behind the meter” projects will sell electricity directly to two off-take parties. ReneSola said the projects are being sold at the “Notice to Proceed” (NTP) stage, and Greenbacker will complete the construction and retain long-term ownership.
“As we add the most value from greenfield inception to NTP-ready during the development cycle, we are shifting the mix of sales timing from COD (post-construction) to more at NTP (pre-construction),” said Yumin Liu, group CEO of ReneSola Power. “This capital efficient strategy allows us to focus on growing our quality project pipeline while maintaining healthy margins.”
Financial terms were not disclosed.