China-based ReneSola Ltd. and San Francisco-based developer Pristine Sun LLC are forming Baynergy LLC to develop, build and operate solar projects in the U.S.
Under the terms of the agreement, ReneSola will hold a majority equity interest in the joint venture and Pristine Sun may own up to 49% equity interest. Initially, Baynergy will own solar projects in various development stages and will continue to develop, build and operate new ones, including distributed generation projects.
The joint venture has an initial target of 150 MW of solar projects to be in operation by the end of 2016. The pipeline is expected to reach 300 MW.
‘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,’ says Xianshou Li, CEO of ReneSola.