ReneSola Power Completes Development Transaction of 21 MWp Operational Community Solar Projects in Minnesota
ReneSola Power (NYSE: SOL) has completed a 21.05 MWp community solar project portfolio in Minnesota. The company developed this portfolio and sold it to Nautilus Solar Energy, contributing positively to operating cash flow and EBITDA in 2020. The projects, benefiting qualified commercial off-takers in Xcel Energy's territory, aim to support Minnesota's solar energy goal of 10% by 2030. CEO Yumin Liu expressed optimism about the company's growth in the U.S. solar market.
- Completion of a 21.05 MWp community solar portfolio enhances cash flow and EBITDA.
- Projects align with Minnesota's 10% solar energy goal by 2030.
- None.
STAMFORD, Conn., Aug. 18, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, announced today the completion and commercial operation of a 21.05 MWp portfolio of community solar projects in Minnesota. As previously announced, ReneSola Power developed and subsequently sold this community solar portfolio to Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company.
The community solar portfolio developed by ReneSola Power is qualified under Xcel Energy's community solar program in Minnesota and began commercial operation in July and August 2020. The energy generated by the projects will directly benefit qualified commercial off-takers situated within Xcel Energy's service territory by providing energy cost savings while also advancing Minnesota's 10 percent solar energy goal by 2030.
Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, "We are excited to have successfully developed these community projects, generating positive operating cash flow and favorably contributing to EBITDA this year. Community solar remains an attractive market for us in the U.S., and we continue to execute on our strategy. We are pleased with the operational progress we have made and remain optimistic about our outlook for the remainder of 2020."
"We are pleased to have worked successfully with Renesola's development team on nearly 50 MW of solar projects in operation over the last several years and are excited about our continued expansion into Minnesota's community solar marketplace, with additional developments expecting to come online through 2021," commented Jeffrey Cheng, President of Nautilus.
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 Nautilus Solar Energy
Nautilus Solar Energy is a leading owner-operator of solar projects located across the United States. Over its 14-year history, we have invested over
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SOURCE ReneSola Power
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