ReneSola to develop unsubsidized PV projects in France

Chinese solar project developer, Renesola has announced a strategic partnership with Green City Energy, a subsidiary of German based project developer and financier, Green City c.V. to build solar power projects in southern France.

The two companies said they will develop a combination of 50% solar projects with government support, in the frame of the current tender scheme, and the remaining 50% without subsidies.

“Power generation from renewable energy sources has gained traction in different parts of the world, driven by continued decline in the costs of electricity generation,” said Green City Energy France managing director, Jürgen Leinmüller.

“More importantly, power generation from solar and wind is starting to displace fossil fuel power generation without the need for government funding at the price of the customers,” he further explained.

The two companies are now planning to build four solar plant in southern France with a combined capacity of 69 MW, with estimates saying 105 million kWh of solar power will be generated annually.

Renesola will hold a 95% stake in the joint venture during the development of the projects and the subsequent two years. After the plants’ completion, Green City Energy will acquire 100% of all of the facilities.