Chinese tier 1 solar module manufacturer ReneSola has formed a joint venture (JV) with Pristine Sun called Baynergy that will focus on the development of 300 MW of solar PV capacity in the U.S.
Pristine Sun is a San Francisco-based solar project developer, and will own up to 49% of the Baynergy JV vehicle, with ReneSola holding the majority equity interest. An initial target of 150 MW of solar projects to be in operation by the end of 2016 has already been set, and ReneSola confirmed that Baynergy will in the first instance own and operate all completed solar farms.
The 300 MW project pipeline is also set to include a number of distribution projects that will tap into the growth opportunities expected throughout the U.S. solar market over the next 15 months.
"The U.S. market is full of tremendous opportunities in the downstream project sector, with 25 GW projected to be constructed in the commercial and utility space in the next five years," said ReneSola CEO Xianshou Li. "We believe we can capitalize on these opportunities and grow the joint venture by leveraging ReneSolas global reputation, network, high-quality green energy products and solar project execution."
Pristine Sun CEO Troy Helming added that the synergies of the two companies will enable Baynergy to "accelerate efforts in promoting the use of renewable energy in local communities and yield healthy returns for investors of both companies."
ReneSola has been active recently in a number of leading solar markets globally, not least the U.K. where the company signed a 30 MW supply deal in late July and Japan, where the company recently confirmed to pv magazine that it is set to develop 22.5 MW of solar projects in the country.