ReneSola Power and Vodasun to Form Joint Venture to Develop Solar Projects in Germany

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) has announced a strategic partnership with Vodasun to co-develop ground-mounted solar projects in Germany. The partnership will create a 50/50 joint venture aimed at developing a project portfolio of 50 to 100 MW, with plans to expand by an additional 50 to 100 MW annually. Both companies aim to leverage their strengths to enhance profitability and project portfolio robustness amid a challenging macro environment. The joint venture hopes to achieve significant growth in the German solar market, aligning with ReneSola's global pipeline growth targets.

Positive

• Creation of a 50/50 joint venture with Vodasun to co-develop 50 to 100 MW of solar projects.
• Plans for additional annual projects of 50 to 100 MW enhance growth prospects.
• Partnership expected to produce cost synergies, enhancing profitability.

Negative

• None.

STAMFORD, Conn., Sept. 28, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, and Vodasun, a Munich, Germany-based project developer specialized in the development and construction of solar parks, today announced that they entered into a strategic partnership agreement to co-develop and market ready-to-build (RTB) ground-mounted solar projects in Germany. 

As part of the agreement, ReneSola Power and Vodasun will create a 50/50 joint venture company with a starting project portfolio of 50 to 100 MW. The JV intends to develop these projects, as well as develop an additional 50 to 100 MW of new projects per year.

Mr. Josef Kastner, CEO of ReneSola European Region, commented, "From a strategic perspective, the combined strengths and reputations of both companies will provide new opportunities to enable further expansion into Germany. The JV will benefit both companies by building a more robust project portfolio while leveraging our know-how and experience in project development. Additionally, we believe the JV will produce cost synergies to enhance profitability as we navigate the challenging macro environment."

Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, added, "We are excited about this strategic partnership with Vodasun, and look forward to working with their team to expand our reach into Germany. We believe this is a meaningful step for us to achieve our global pipeline growth target in the next several quarters and beyond."

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 Vodasun

Since 2009, Vodasun plans, builds and operates turnkey photovoltaic systems throughout Germany. The range of services extends from single-family homes to complex large-scale projects with installed capacities in the megawatt range. The Vodasun Group is divided into three companies: Vodasun Akquise und Vertriebs GmbH develops and sells PV projects to private and institutional investors, Vodasun Construction is as EPC company responsible for the turnkey construction and Vodastrom subsequently takes over the commercial and technical management of the plants. The best engineering and the use of high quality components ensure the yield and longevity of the projects.

View original content to download multimedia:http://www.prnewswire.com/news-releases/renesola-power-and-vodasun-to-form-joint-venture-to-develop-solar-projects-in-germany-301138601.html

SOURCE ReneSola Ltd.

FAQ

What is the recent partnership announcement by ReneSola Ltd (SOL)?

ReneSola Ltd announced a strategic partnership with Vodasun to co-develop solar projects in Germany.

What is the scope of the joint venture between ReneSola and Vodasun?

The joint venture will focus on developing a project portfolio of 50 to 100 MW, with plans to add an additional 50 to 100 MW annually.

How will the joint venture impact ReneSola Ltd's market presence?

The partnership is expected to enhance ReneSola's expansion in the German market and improve profitability through cost synergies.

What are ReneSola's growth targets following the partnership with Vodasun?

ReneSola aims to achieve significant growth in its global pipeline over the next several quarters.