ReneSola Power Announces Acquisition of Emeren
ReneSola Ltd (NYSE: SOL) has acquired Emeren Limited, a UK-based developer of utility-scale solar and battery projects, in an all-cash deal completed on October 10, 2022. This strategic acquisition enhances ReneSola's project pipeline in Europe, particularly in Italy, with over 2.5 GW of projects under various development stages. CEO Yumin Liu emphasized that this acquisition aligns with the company's commitment to accelerating solar development in Europe, especially as the market faces increasing power purchase agreement prices and favorable regulatory conditions.
- Acquisition of Emeren expands ReneSola's project pipeline in Europe, particularly Italy.
- Emeren has over 2.5 GW of projects in various stages, enhancing growth potential.
- Acquisition expected to generate immediate healthy EBITDA.
- Emeren's expertise and resources will strengthen ReneSola's market position.
- None.
STAMFORD, Conn., Oct. 11, 2022 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the acquisition of Emeren Limited ("Emeren"), a United Kingdom-based utility-scale solar power and battery projects developer in Europe. The acquisition transaction was completed on October 10 through an all-cash deal with an earn-out provision.
Emeren is currently comprised of over 22 employees and has been a strategic partner of Renesola Power to co-develop ground-mounted solar and storage projects in Italy since 2021. Emeren has over 2.5 GW of pipeline under development (at different development stages) including over 2 GW of solar projects and over 500 MW of storage projects.
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, "ReneSola Power is committed to accelerating solar development in Europe, the largest market in our global presence. The timing of this acquisition is excellent as it increases our project pipeline in Europe at a time when solar power purchase agreement prices have increased dramatically due to a supply shortage and favorable regulatory conditions. Further, the prestigious reputation, financial profile, and industry experience of Emeren are valuable assets to ReneSola Power as we expand our business footprint into Italy and other European countries. The acquisition is expected to generate healthy EBITDA immediately."
Guido Prearo, CEO of Emeren, added, "I'm very excited about this acquisition as it offers unique synergies. ReneSola Power's significant project development expertise and resources will enable us to grow stronger and more dynamic and benefit our partners and trusted clients. At the same time, we bring in-depth knowledge of the Italian market and other key European solar markets. I am confident we will achieve our solar development and storage milestones in the next few years and contribute significantly to ReneSola Power's long-term growth."
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 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. For more information, please visit www.renesolapower.com.
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 2.5GW 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.
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