Dec 10 2013
ReneSola Ltd ("ReneSola"), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it will deliver 6.8MW of its high efficiency Virtus II 72-cell 300W polycrystalline photovoltaic (PV) modules to one of California's leading project developers, Pristine Sun.
"Our partnership with Pristine Sun in this multi-array project is another example of our expansion in California this year, and signals the growth of our brand recognition in the region. We have delivered two thirds of the total order of 6.8MW and have received excellent feedback on our products and service from Pristine Sun thus far," said Kevin Chen, president of ReneSola America. "Pristine Sun has a strong reputation in the industry, which has enabled it to receive support from major players."
Panasonic is providing the construction financing and performance guarantee, while Mosaic will provide take-out financing. The 6.8MW order is being installed by several contractors, resulting in a complex project with challenging schedules. This ground-mount project will consist of single-axis trackers, and is part of a portfolio of 75MW of similar projects being developed by Pristine Sun in California.
"We are impressed by ReneSola's outstanding responsiveness and attention to detail when it comes to back-end support. This is a complex project and the ReneSola team has provided high quality support to our two sub-contractors, Progressive Power Group and ArrayCon," said Troy Helming, CEO of Pristine Sun. "We have forged a solid partnership with ReneSola and look forward to developing more projects with ReneSola's Virtus II modules in the future."
About ReneSola
Founded in 2005, ReneSola (NYSE: SOL) is a leading brand and technology provider of solar PV products. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia.
About Pristine Sun
Pristine Sun is an independent power producer and a leading developer of small utility-scale solar PV power plants in the United States. Having developed and constructed over $100 Million (26MW) of utility, commercial and industrial solar power plants in 2013, Pristine Sun achieved 400% compound annual growth in watts energized since 2009. Pristine Sun's core management team members each have more than a decade of experience in the development and finance of solar and wind projects, with combined experience on projects worth over $2 billion. Pristine Sun, originally backed by a $24 billion private equity fund, has a solar pipeline of 2GW with 750MW of projects under active development. The company's headquarters are in San Francisco.