ReneSola Ltd., a fully integrated solar project developer, has 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.
“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,” says Yumin Liu, CEO of ReneSola Power.
“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,” he adds.
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.
Photo: Grasshopper Solar’s landing page