The Acquisition Doubles Nautilus's Commitment to Minnesota
Community Solar
SHANGHAI and SUMMIT, N.J., Sept. 11,
2018 /PRNewswire/ -- In a joint statement today, ReneSola
Ltd (NYSE: SOL) ("ReneSola"), a
leading fully-integrated solar project developer and provider of
energy-efficient products, and Nautilus Solar Energy, LLC
("Nautilus"), a leading national solar project acquisition,
development and asset management company, announced Nautilus's
acquisition of a second 13.3 MW community solar portfolio developed
by ReneSola. Similar to the initial acquisition announced last
year between the parties, this community solar portfolio also
qualified under Xcel Energy's rapidly expanding community solar
program in Minnesota. The
portfolio is expected to be built through the remainder of 2018,
coming online during Q1 2019.
Nautilus, through its full-service platform, provided
early-stage development capital and will be responsible for
long-term asset management services and maintenance for the
projects. The projects will be owned by an affiliate of Virgo
Investment Group, which is also a minority shareholder of Nautilus
Solar Energy. The energy provided by the portfolio directly
benefits local community off-takers located offsite by providing
energy cost savings while also advancing subscriber's
sustainability goals.
"This successful transaction further demonstrates the strong
project development and subscription sales capabilities of our
Minneapolis-based community solar
team," remarked Hal Galvin, General
Manager, U.S. Midwest Region of ReneSola Power Holdings, the U.S.
project development arm of ReneSola. "Our prior successful
experience transacting with the Nautilus team gave us confidence in
their transaction execution capabilities and their expertise in
community solar," added Doran Hole,
CEO, North America and Group VP –
Strategy of ReneSola.
"This deal exemplifies Nautilus's commitment to working closely
with our partners and becoming a leading acquirer of community
solar portfolios," said Jim Rice,
CEO of Nautilus Solar. "We appreciate that Renesola trusted
Nautilus to both provide them with early-stage development capital
and to execute the community solar acquisition. We look
forward to continuing to work closely with Renesola's development
team," added Jeffrey Cheng, COO of
Nautilus Solar.
About Renesola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand of
solar project developer and operator. Leveraging its global
presence and solid experience in the industry, ReneSola is well
positioned to develop green energy projects with attractive return
around the world. For more information, please visit
www.renesolapower.com.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, is a leading
national solar acquisition, development and asset management
company headquartered in Summit, N.J. Nautilus focuses on
developing, acquiring, executing and managing distributed and
utility-scale generation solar projects. In over 10 years, Nautilus
has invested in hundreds of MWs of solar projects and
provides asset management services to distributed,
community solar and utility projects throughout North
America. Nautilus is minority owned by Virgo Investment
Group, LLC. Join Nautilus Solar Energy
on LinkedIn and Twitter and
visit www.nautilussolar.com for
more information.
Safe Harbor Statement
This press release contains statements that constitute
''forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Whenever you
read a statement that is not simply a statement of historical fact
(such as when the Company describes what it "believes," "plans,"
"expects" or "anticipates" will occur, what "will" or "could"
happen, and other similar statements), you must remember that the
Company's expectations may not be correct, even though it believes
that they are reasonable. The Company does not guarantee that the
forward-looking statements will happen as described or that they
will happen at all. Further information regarding risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements is included in the
Company's filings with the U.S. Securities and Exchange
Commission, including the Company's annual report on Form 20-F. The
Company undertakes no obligation, beyond that required by law, to
update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made, even
though the Company's situation may change in the future.
For investor and media inquiries for ReneSola, please
contact:
In China:
ReneSola Ltd
Johnny Pan
Director of Investor Relations
+86-(21)-6280-9180 Ext: 131
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United States:
The Blueshirt
Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
For media inquiries for Nautilus Solar, please
contact:
Nazli Ekim
+1 (917) 355-9650
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SOURCE ReneSola Ltd.