STAMFORD, Conn., Dec. 1, 2020 /PRNewswire/ -- ReneSola Ltd
("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE:
SOL), a leading fully integrated solar project developer, announced
today that it signed a power purchase agreement ("PPA") for a solar
and battery system with Northern
California-based Valley Clean Energy ("VCE"), a public
electricity provider serving over 125,000 customers in cities of
Woodland and Davis, and Unincorporated Yolo County.
The project is located in Madison, Yolo
County, California. It will add 20 MW of solar power and 6.5
MW/26 MWh (4-hour) of battery energy storage to the Northern California grid to serve VCE's
customers. The PPA has a duration of 20 years. The project is
expected to reach commercial operation by the third quarter of
2022.
Mr. Yumin Liu, Chief Executive
Officer of ReneSola Power, commented, "This marks an important
milestone for us, as it is our first long-term power purchase
agreement for a solar-plus-storage system that will provide
significant benefits to the local community. In addition, we are
excited to partner and build a strong relationship with the VCE
team through this transaction. We value the support and trust of
the VCE team and look forward to future collaboration, as we
continue to execute on our strategy to grow our pipeline in the
U.S."
Mr. Gordon Samuel, Assistant
General Manager and Director of Power Resources of Valley Clean
Energy, said, "VCE is proud to partner with ReneSola Power in the
development of this local renewable energy project. This project
will support green jobs, benefit Yolo
County, and supply VCE customers with cost-effective clean
energy for the next twenty years."
ReneSola Power was awarded this PPA after responding to VCE's
request for offer (RFO) of procurement of cost-effective local
renewable energy. The project brings local investment,
grid-benefits to the VCE service territory, and will be designed
and constructed to be pollinator-friendly, thus providing habitat
for bees, butterflies, hummingbirds and other pollinators that are
critical to agricultural production in this important food
producing region. This project will also help meet the Yolo County
Climate Action Plan goals to reduce carbon emissions associated
with the production of electricity.
About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project
developer and operator. The Company focuses on solar power project
development, construction management and project financing
services. With local professional teams in more than 10 countries
around the world, the business is spread across a number of regions
where the solar power project markets are growing rapidly, and can
sustain that growth due to improved clarity around government
policies. The Company's strategy is to pursue high-margin project
development opportunities in these profitable and growing markets;
specifically, in the U.S. and Europe, where the Company has a market-leading
position in several geographies, including Poland, Hungary, Minnesota and New
York.
About Valley Clean Energy
Valley Clean Energy (VCE) is a local, not-for-profit public
electricity provider formed by Yolo
County and the cities of Woodland and Davis. VCE launched services on June 1, 2018 and provides electricity to
customers located within the cities of Woodland and Davis and the unincorporated areas of
Yolo County. The mission of VCE is
to deliver cost-competitive clean electricity, product choice,
price stability, energy efficiency, and greenhouse gas emission
reductions.
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SOURCE ReneSola Ltd.