ReneSola has entered into an agreement to sell a portfolio of operating photovoltaic projects in Canada to Grasshopper Energy.
The portfolio consists of 15 PV projects in development, with a combined capacity of 6.8MW, all of which qualified under the Canadian feed-in tariff scheme, which was subsequently discontinued in late 2016.
ReneSola Power North America chief executive John Ewen said: “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.”
Canada-headquartered Grasshopper Solar owns $1.8bn (€1.64bn) of assets and has a development pipeline of $6.5bn worldwide.
Earlier this month the company acquired a 278MW portfolio of solar projects in Pennsylvania from Glidepath Ventures.
ReneSola Power chief executive Yumin Liu added: “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.
“This transaction builds upon our successful track record in the region and generates solid operating cash flow, which will be used 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.”