ReneSola Power Announces Award of 20-year Renewable Energy Credit Contracts for Two Solar Projects in New York and Illinois

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) announced the award of 20-year Index Renewable Energy Credit (REC) contracts for two solar projects in New York and Illinois. The 20 MW Roosevelt Solar project in Massena, NY, aims to help the state reach its renewable energy targets, while a similar 20 MW project in Wilmington, IL, supports Illinois' goal for significant renewable energy investment. These contracts highlight the company's strategic alignment with state energy mandates and potential for local job creation, reinforcing its market position in a growing renewable sector.

Positive

• Awarded 20-year index REC contracts for projects in NY and IL.
• Projects contribute to state-level renewable energy goals.
• Potential for job creation in local communities.

Negative

• None.

STAMFORD, Conn., June 13, 2022 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it was awarded 20-year Index Renewable Energy Credit (REC) contracts for two solar projects.

20 MW solar and 2 MW battery storage project in Massena, New York: On June 2, 2022, the New York State Energy Research and Development Authority ("NYSERDA") selected ReneSola Power's 22 MW "Roosevelt Solar" project in Massena, New York to be one of 22 projects as part of the State's largest land-based renewable energy projects in history. ReneSola Power was awarded a 20-year index REC contract as part of the state's renewable program in an effort to reach New York's goals to exceed 70% renewables by 2030 and zero emissions by 2040 as required by Climate Leadership and Community Protection Act^[1].

20 MW solar project in Wilmington, Illinois: On May 12, 2022, the Illinois Commerce Commission ("ICC") awarded a 20-year index REC contract to ReneSola Power's 20 MW utility-scale solar project in Wilmington, Illinois as part of the state commitment to double investment in renewable energy towards its goal of 40% renewable energy by 2030 and 50% by 2040.

The new REC program in Illinois and the existing program in New York are laying the groundwork for what the future of renewable energy could look like across the United States. They are great examples of how states can meet their aggressive Renewable Portfolio Standard targets, and at the same time create jobs and economic benefits to local communities.

Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, "We are very excited and honored that our two utility-scale solar projects in New York and Illinois were awarded REC contracts. The solar industry continues to benefit from the accelerating green energy transition to fight climate change. Our projects are in line with our environmental, social and governance practices, that is, not only will it contribute to state-level renewable energy targets but it will also make an impact to the local communities by creating jobs."

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.

[1] Source: https://www.nyserda.ny.gov/All-Programs/clean-energy-standard

 

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SOURCE ReneSola Ltd.

FAQ

What renewable energy credit contracts were awarded to ReneSola (SOL)?

ReneSola was awarded 20-year Index Renewable Energy Credit contracts for two solar projects in New York and Illinois.

What is the significance of the renewable energy projects announced by ReneSola (SOL)?

The projects support state goals for renewable energy, aiming for 70% in New York by 2030 and 40% in Illinois by 2030.

Where are the solar projects located that ReneSola (SOL) announced?

The solar projects are located in Massena, New York, and Wilmington, Illinois.

When were the REC contracts awarded to ReneSola (SOL)?

The REC contracts were awarded in June 2022 for the New York project and May 2022 for the Illinois project.