ReneSola today announced that it entered into a development service agreement with X-Elio North America, a subsidiary of X-Elio. Under the agreement, the Company's North American development team will originate and develop large utility scale solar projects for X-Elio. The parties are conducting joint diligence on an initial portfolio of projects in California, Oregon and Utah with a total installed capacity of over 500MW, many of which will include a battery storage system.
Under the terms of the agreement, ReneSola will assist X-Elio with obtaining site control, permitting, interconnection and off-take agreements. Additionally, ReneSola expects to provide further support, as X-Elio carries the projects through the financing and construction phases.
Mr. Doran Hole, ReneSola's CEO, North America and Group Vice President of Strategy, commented, "We are excited to deliver the capabilities of ReneSola's North American development platform to a strong partner like X-Elio, as the U.S. continues to be an important market for both companies. With our talented team and solid track record of developing solar projects globally, we believe we are in a prime position to help X-Elio further expand its presence and support its solar deployment in North America."
Mr. Javier Adiego, North America Country Manager for X-Elio, said: "We are very pleased to work with ReneSola on this project. The U.S. is a market with a lot of potential for our business, and we are fully convinced that the collaboration between X-Elio and ReneSola will enhance our position in North America."