ReneSola Power and Emeren to Co-develop Solar Projects in Italy

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) announced a strategic partnership with Emeren to co-develop ground-mounted solar projects in Italy, targeting 110 MW of shovel-ready projects by 2022. This collaboration aims to enhance their presence in the Italian solar market and expand project development efforts across Europe. Leaders from both companies expressed optimism about the agreement, highlighting their commitment to high-quality solar projects and the positive impact on renewable energy in the region.

Positive

• Partnership with Emeren to co-develop solar projects enhances growth potential.
• Target of 110 MW shovel-ready projects by 2022 strengthens market presence in Italy.
• Collaboration aligns with ReneSola's strategy to expand in European solar markets.

Negative

• None.

STAMFORD, Conn., July 30, 2021 /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 a strategic partnership agreement with Emeren, a London, United Kingdom-based project developer specialized in the development of renewable energy power plants in Europe and other international markets, to co-develop ground-mounted solar projects in Italy, with a pipeline of several transactions scheduled for 2021.

As part of the agreement, ReneSola Power and Emeren will develop projects in a broad range of sizes across the country, with a target of reaching 110 MW shovel-ready projects by 2022.  The two companies expect the collaboration to further strengthen their presence in the Italian market.

Mr. Josef Kastner, CEO of ReneSola Power European Region, commented, "We are excited to work together with Emeren. ReneSola Power is committed to accelerating solar development in Europe, and together with Emeren, we expect to bring a range of high-quality projects to the Italian market, enabling further growth in the region."  

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, added, "The co-development agreement with Emeren aligns with our growth strategy, enabling us to expand our project development activities in Italy.  We look forward to pursuing other opportunities to co-develop projects across Europe."

Enrico Bocchi, Chief Operating Officer of Emeren, said, "We are very pleased to enter into a cooperation with such a renowned international player.  Our experienced development team and our local presence in the key European solar markets are highly valued by our clients. This agreement with ReneSola Power represents another major step towards the expansion of Emeren's positive impact in the solar market."

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 Emeren Limited

Emeren is a developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Currently, the Company has over 1GW of projects under development (mid- to early- stage), all backed by institutional investors' capital. Emeren has leveraged on trusted partnerships with tier-1 international financial and industrial players in order to deploy top-notch financial solutions. For additional information about the Company, follow Emeren on LinkedIn or visit www.emeren.co.uk.

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SOURCE ReneSola Ltd.

FAQ

What is the strategic partnership between ReneSola and Emeren about?

ReneSola and Emeren have partnered to co-develop ground-mounted solar projects in Italy, aiming for 110 MW of shovel-ready projects by 2022.

How much capacity are ReneSola and Emeren targeting for their projects in Italy?

ReneSola and Emeren are targeting 110 MW of shovel-ready solar projects in Italy by 2022.

What markets will ReneSola and Emeren focus on for solar project development?

ReneSola and Emeren will focus on the Italian market, with plans to explore opportunities across Europe.

When was the partnership between ReneSola and Emeren announced?

The partnership was announced on July 30, 2021.

What is ReneSola's stock symbol?

ReneSola's stock symbol is SOL.