STAMFORD, Conn., March 25, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it entered into an agreement to sell a portfolio of operating projects located in Canada to Grasshopper Energy, a global solar developer and asset owner headquartered in Canada.
The portfolio consists of 15 solar plants under development, with a combined capacity of 6.8 MW. These projects were qualified under the Canadian feed-in tariff scheme, which was subsequently discontinued in late 2016.
Mr. John Ewen, CEO of ReneSola Power North America, commented, "Grasshopper has been an excellent partner in financing this portfolio, and we are thrilled to close the transaction. We look forward to collaborating with them on other opportunities."
Mr. Yumin Liu, CEO of ReneSola Power, added, "Despite the challenging market conditions due to the Coronavirus outbreak, we continue to execute on our strategy and demonstrate our ability to monetize solar assets across North America. This transaction builds upon our successful track record in the region and generates solid operating cash flow, which will be utilized in the execution of our current strategy. We are proud of our progress and are optimistic about our opportunities across different geographies for profitable growth in the quarters ahead."
About Grasshopper Solar
Grasshopper Solar is a global developer and asset owner headquartered in Canada. Founded in 2007 by Azeem M. Qureshi, it currently owns $1.8 billion of assets and has a development pipeline of $6.5 billion in various countries around the world. Grasshopper Solar has been the recipient of multiple national industry awards including Solar Innovator of the Year, Project Finance Innovator of the Year and Solar Developer of the Year. For more information, please visit www.grasshoppersolar.com.
About ReneSola Power
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola Power (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola Power is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
SOURCE ReneSola Ltd.