March 26 (Renewables Now) - Solar project developer ReneSola (NYSE:SOL) said on Thursday it has agreed to offload a 6.8-MW portfolio of photovoltaic (PV) projects in Canada to local sector player Grasshopper Energy.
The bundle includes 15 solar projects that are currently under development and are accredited under Canada’s feed-in tariff (FiT) programme, which was discontinued in late 2016. Financial details about the deal and further information about the individual projects were not provided.
"Despite the challenging market conditions due to the Coronavirus outbreak, we continue to execute on our strategy and demonstrate our ability to monetise solar assets across North America,” said ReneSola’s CEO Yumin Liu. He added that the transaction will bring solid operating cash flow for the company that will go to support the execution of its strategy.
Grasshopper Solar currently owns USD 1.8 billion (EUR 1.64bn) worth of assets. Earlier this month, the Canadian solar developer agreed to spend more than USD 300 million to buy a 278-MW portfolio of direct current (DC) solar projects in Pennsylvania from Glidepath Ventures.
(USD 1.0 = EUR 0.914)