STAMFORD, Conn., Nov. 19, 2020 /PRNewswire/ -- ReneSola Ltd
("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE:
SOL), a leading fully integrated solar project developer, and
Innova, a company that invests in and operate a diversified
portfolio of UK renewable energy assets, with a focus on
utility-scale ground mounted and commercial roof top solar
installations, located at agricultural, industrial and commercial
sites, today announced that they entered into a strategic
partnership agreement to co-develop utility-scale projects in the
UK. This is the second JV Renesola Power has formed in the UK
in recent weeks. It will further strengthen the Company's project
pipeline in Europe and enable it
to achieve its goal of reaching 1GW.
As part of the agreement, ReneSola Power and Innova will create
a joint venture company. The JV expects to continue the
development of the existing pipeline of 50MW, and intends to
develop at least another 50+ MW of utility-scale projects in the
next couple of years.
Mr. Josef Kastner, CEO of
ReneSola European Region, commented, "The new joint venture
reinforces ReneSola Power's capabilities in the development and
deployment of solar assets across multiple jurisdictions. The
combined strengths of both companies will create significant
synergy and provide new opportunities to further expand into the UK
market. Additionally, we view the UK government's latest plan
to boost green industries as a positive development, and are
optimistic about our business prospects in the country."
Mr. Yumin Liu, Chief Executive
Officer of ReneSola Power, added, "We are excited about the
partnership with Innova, and look forward to working with them to
build a more robust utility project portfolio. We are on track
to add incremental project pipeline in our core markets to reach
1GW by the end of 2020. Nonetheless, we acknowledge that
economic conditions could change at any moment due to factors
beyond our control, including the COVID-19 pandemic's
resurgence."
Mr. Robin Dummett, co-founder and
Director of Innova said, "We are
delighted to be partnering with Renesola Power in this exciting
joint venture to develop part of our UK project pipeline, bringing
to bear our significant in-house experience across the development
spectrum. This agreement is further testament to Innova Renewables'
successful track record in delivery of utility-scale projects."
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 Innova
Innova is committed to developing, acquiring and operating
innovative renewable and property projects providing decentralized
energy solutions and regeneration for the decarbonization and
sustainability of the environment and local communities. Innova
owns and operates a 70MW portfolio of ground mounted and commercial
roof top solar installations, together with complementary
technologies such as batteries. We focus on driving operational
excellence and adhering to a pragmatic acquisition process.
The Innova Group is a fast growing and experienced private
equity business specialising in the renewable energy and property
sectors with offices located in London and the Cotswolds.
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SOURCE ReneSola Ltd.