STAMFORD, Conn., Aug. 18, 2020 /PRNewswire/ -- ReneSola Ltd
("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE:
SOL), a leading fully integrated solar project developer, announced
today the completion and commercial operation of a 21.05 MWp
portfolio of community solar projects in Minnesota. As
previously announced, ReneSola Power developed and subsequently
sold this community solar portfolio to Nautilus Solar Energy, LLC
("Nautilus"), a leading national solar project acquisition,
development and asset management company.
The community solar portfolio developed by ReneSola Power is
qualified under Xcel Energy's community solar program in
Minnesota and began commercial
operation in July and August 2020.
The energy generated by the projects will directly benefit
qualified commercial off-takers situated within Xcel Energy's
service territory by providing energy cost savings while also
advancing Minnesota's 10 percent
solar energy goal by 2030.
Mr. Yumin Liu, Chief Executive
Officer of ReneSola Power, commented, "We are excited to have
successfully developed these community projects, generating
positive operating cash flow and favorably contributing to EBITDA
this year. Community solar remains an attractive market for us
in the U.S., and we continue to execute on our strategy. We
are pleased with the operational progress we have made and remain
optimistic about our outlook for the remainder of 2020."
"We are pleased to have worked successfully with Renesola's
development team on nearly 50 MW of solar projects in operation
over the last several years and are excited about our continued
expansion into Minnesota's
community solar marketplace, with additional developments expecting
to come online through 2021,"
commented Jeffrey Cheng, President
of Nautilus.
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 Nautilus Solar Energy
Nautilus Solar Energy is a leading owner-operator of solar
projects located across the United
States. Over its 14-year history, we have invested over
$1.2 billion of capital into solar
projects generating renewable green energy for businesses,
municipalities, and residential communities. Our company's broad
range of expertise includes solar project acquisition, development,
operations, and asset management. Nautilus is owned by Power Energy
Corporation of Canada, a globally
diversified company that creates long-term value by investing in
companies driving change towards a more sustainable world. Join
Nautilus on LinkedIn, Facebook and Twitter and
visit www.nautilussolar.com or email
info@nautilussolar.com for more information.
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SOURCE ReneSola Power