STAMFORD, Conn., Aug. 25, 2020 /PRNewswire/ -- ReneSola Ltd
("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE:
SOL), a leading fully integrated solar project developer, today
announced the signing of an agreement to acquire certain assets,
including solar projects and accounts receivable, from an
undisclosed U.S.-based developer in an all-stock transaction that
values the assets at approximately $8
million. The acquisition will also add an experienced solar
project development team to solidify ReneSola's position as a
leading global solar energy developer and operator. The deal is
expected to close by the end of the third quarter of 2020, subject
to customary closing conditions.
The market focus of the solar project assets being acquired is
highly complementary with the Company's existing business. In
particular, the new team brings expertise in the development of
U.S. distributed generation and small-scale utility projects with
battery storage, which is expected to augment Renesola Power's
historical strength in U.S. community solar and European DG. Once
completed, the transaction should immediately increase Renesola
Power's development pipeline by approximately 200 MW.
The acquisition provides ReneSola Power with access to utility
projects and development activities in a number of states,
including Pennsylvania,
California, New York, Maine, Illinois and Arizona. In addition, this transaction
strengthens the Company's capabilities and scale, and enhances its
position for creating value in the quarters ahead.
Mr. Yumin Liu, Chief Executive
Officer of ReneSola Power, commented, "This marks an important
milestone for us, and we are very excited to incorporate these new
projects into our pipeline. The acquisition strengthens our
position in the U.S. market and expands our presence into
small-scale utility market. By leveraging ReneSola Power's global
reach and experience with the new team's solid track record in the
U.S., we are expanding the scale of our solar energy development
platform. We look forward to capturing potential market
opportunities while driving value for all stakeholders."
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.
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SOURCE ReneSola Ltd.