ReneSola, Pristine Sun to Form JV to to Develop, Build, operate 300 MW+ of Solar Projects in US

ReneSola Ltd

today announced that it has entered into a definitive agreement with Pristine Sun, LLC ("Pristine Sun"), a leading San Francisco-based solar project developer, to form a joint-venture, Baynergy, LLC ("Baynergy"), to develop, build and operate over 300 MW of solar projects in the United States, including many distributed generation projects. Under the terms of the agreement, ReneSola will hold a majority equity interest in the joint venture while Pristine Sun may own up to 49 percent equity interest dependent on meeting certain conditions. Baynergy initially will own solar projects in various development stages and will continue to develop, build and operate a total solar project pipeline of 300 MW. The joint venture has an initial target of 150 MW of solar projects to be in operation by the end of 2016. "Our partnership with Pristine Sun brings together two leaders in the renewable energy sector and reflects significant progress in our strategic shift to downstream initiatives," said Mr. Xianshou Li, chief executive officer of ReneSola.