ReneSola Ltd., a vertically integrated solar company, has sold 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 MW and will sell their power to the local utility under a 20-year purchase agreement. According to ReneSola, the two projects were completed in the fourth quarter of 2016 and qualified for the Massachusetts RPS Solar Carve-Out II Program.
Xianshou Li, chairman and CEO of China-based ReneSola, comments: “This agreement extends our track record of developing and monetizing projects in more attractive developed markets. 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.”
Richard Dovere, managing partner of C2, adds, “These systems represent another quality addition to our firm’s growing portfolio of distributed generation assets throughout the United States. We enjoyed working with ReneSola on these projects and look forward to expanding our relationship with their top-tier development team.”
C2 was advised by A. Mark Getachew of Willkie Farr & Gallagher LLP, with local counsel support from Pierce Atwood. Financial details of the acquisition were not disclosed.