ReneSola forms strategic partnership with Green City Energy
ReneSola announced that it formed a strategic partnership with Green City Energy to jointly develop four solar parks in the south of France with a total installed capacity of 69 MW, generating approximately 105M kWh of solar power per year. Now, it's a turning point for solar power production in southern France. The resident photovoltaic system operators can offer green electricity at competitive prices, and thus the projects can be economically feasible without government subsidies. Under the terms of the partnership agreement, ReneSola and Green City Energy AG have formed a joint holding company. ReneSola owns 95% of the joint holding company during the development period that is estimated to be approximately two years. Following the project development phase, Green City Energy AG will take control of the solar plants entirely.