SHANGHAI and SUMMIT, N.J., Aug.14, 2017 /PRNewswire/ -- ReneSola
Ltd (NYSE: SOL), a leading
fully-integrated solar project developer and provider of
energy-efficient products, and Nautilus Solar Energy, LLC
("Nautilus"), a leading national solar project development,
acquisition and asset management company, today jointly announced
Nautilus's acquisition of an approximately 13.3 MW community solar
portfolio previously developed by ReneSola. The community solar portfolio,
qualified under Xcel Energy's burgeoning community solar program,
is located in the rapidly expanding Minnesota solar marketplace. The portfolio is
expected to be built through the remainder of 2017, coming online
during Q1 2018.
Now that Nautilus has finalized the transaction with
ReneSola, the projects will be
owned by an affiliate of Virgo Investment Group, which is also a
minority shareholder of Nautilus Solar Energy. Nautilus, through
its full-service platform, will provide development and long-term
asset management services for the project. The energy provided by
the portfolio directly benefits local community off-takers located
offsite by lowering overall energy procurement costs while
advancing renewable energy targets.
"The transaction demonstrates our strong execution in project
development. We believe community solar to be an attractive market
for us in the U.S." remarked, Kevin
Chen, CEO of ReneSola Power
Holdings, the U.S. project development arm of ReneSola. "We look forward to continue working
with the Nautilus team on other solar opportunities from our
national development portfolio."
"This deal continues the exciting growth strategy that we
announced last year and expands our focus and capabilities to
include community solar developments," said Jim Rice, CEO of Nautilus Solar. The
acquisition also comes as part of Nautilus's expansion strategy
into newer solar markets located throughout the U.S. "This
transaction exemplifies how Nautilus is able to work closely
together with experienced developers to provide superior results
and in a timely fashion. We are excited to be continuing to
work 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
technology provider of energy efficient products. Leveraging its
global presence, expansive distribution and sales
network, ReneSola is well positioned to develop green
energy projects with attractive return and provide its highest
quality green energy products around the world. For more
information, please visit www.renesola.com.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, headquartered
in Summit, N.J., is a leading national solar development,
acquisition, and asset management company. Nautilus focuses on
developing, acquiring, executing and managing distributed and
utility-scale generation solar projects. Over its 10+year history,
Nautilus has invested in hundreds or MWs of solar projects and
asset manages an additional 130MW located throughout North America. Nautilus is minority
owned by Virgo Investment Group, LLC. Join Nautilus
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
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesola.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.