ReneSola Power and Innova to Form Joint Venture to Develop Solar Projects in the UK

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) and Innova have announced a strategic partnership to co-develop utility-scale solar projects in the UK. This joint venture aims to enhance ReneSola Power's project pipeline, with an existing development of 50MW and plans for an additional 50+ MW over the next few years. CEO Josef Kastner highlighted the collaboration's potential for significant synergy in the UK market, bolstered by favorable government policies. However, Yumin Liu acknowledged the risks posed by the pandemic on economic conditions.

Positive

• Formation of a joint venture to enhance UK project pipeline.
• Plans to develop an additional 50+ MW of utility-scale solar projects.
• Positive outlook due to UK government support for green industries.

Negative

• Economic conditions could change due to external factors such as COVID-19.

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.

FAQ

What is the joint venture between ReneSola and Innova about?

The joint venture aims to co-develop utility-scale solar projects in the UK, focusing on a pipeline of 50MW and planning to add over 50MW more.

When was the partnership between ReneSola and Innova announced?

The partnership was announced on November 19, 2020.

What is ReneSola's goal for its project pipeline?

ReneSola aims to reach a total of 1GW in its project pipeline by the end of 2020.

How does the UK government's policy affect ReneSola's projects?

The UK government's plans to boost green industries are viewed positively and are expected to support ReneSola's business prospects.

What are potential risks mentioned by ReneSola's CEO?

Yumin Liu noted that economic conditions could change due to factors beyond their control, such as the resurgence of the COVID-19 pandemic.