ReneSola Power Inks Solar-Plus-Storage Power Purchase Agreement with Valley Clean Energy

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) has signed a 20-year power purchase agreement (PPA) to develop a solar and battery energy storage system for Valley Clean Energy in Northern California. The project, located in Yolo County, will produce 20 MW of solar power and 6.5 MW/26 MWh of battery storage. Expected to commence operations by Q3 2022, this initiative aims to deliver cost-effective clean energy, support local job creation, and contribute to Yolo County's climate action goals. CEO Yumin Liu regards this agreement as a significant milestone for the company.

Positive

• Secured a long-term PPA for a solar-plus-storage project, enhancing future revenue opportunities.
• The project supports local job creation and clean energy goals in Yolo County.
• Strengthens partnership with Valley Clean Energy, potentially leading to further collaborations.

Negative

• None.

STAMFORD, Conn., Dec. 1, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, announced today that it signed a power purchase agreement ("PPA") for a solar and battery system with Northern California-based Valley Clean Energy ("VCE"), a public electricity provider serving over 125,000 customers in cities of Woodland and Davis, and Unincorporated Yolo County.

The project is located in Madison, Yolo County, California. It will add 20 MW of solar power and 6.5 MW/26 MWh (4-hour) of battery energy storage to the Northern California grid to serve VCE's customers. The PPA has a duration of 20 years. The project is expected to reach commercial operation by the third quarter of 2022.

Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, "This marks an important milestone for us, as it is our first long-term power purchase agreement for a solar-plus-storage system that will provide significant benefits to the local community. In addition, we are excited to partner and build a strong relationship with the VCE team through this transaction. We value the support and trust of the VCE team and look forward to future collaboration, as we continue to execute on our strategy to grow our pipeline in the U.S."

Mr. Gordon Samuel, Assistant General Manager and Director of Power Resources of Valley Clean Energy, said, "VCE is proud to partner with ReneSola Power in the development of this local renewable energy project. This project will support green jobs, benefit Yolo County, and supply VCE customers with cost-effective clean energy for the next twenty years."

ReneSola Power was awarded this PPA after responding to VCE's request for offer (RFO) of procurement of cost-effective local renewable energy. The project brings local investment, grid-benefits to the VCE service territory, and will be designed and constructed to be pollinator-friendly, thus providing habitat for bees, butterflies, hummingbirds and other pollinators that are critical to agricultural production in this important food producing region. This project will also help meet the Yolo County Climate Action Plan goals to reduce carbon emissions associated with the production of electricity.

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 Valley Clean Energy

Valley Clean Energy (VCE) is a local, not-for-profit public electricity provider formed by Yolo County and the cities of Woodland and Davis. VCE launched services on June 1, 2018 and provides electricity to customers located within the cities of Woodland and Davis and the unincorporated areas of Yolo County. The mission of VCE is to deliver cost-competitive clean electricity, product choice, price stability, energy efficiency, and greenhouse gas emission reductions.

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SOURCE ReneSola Ltd.

FAQ

What is ReneSola's new project with Valley Clean Energy?

ReneSola has signed a 20-year power purchase agreement to develop a solar and battery energy storage system in Yolo County, California.

When is the expected operational date for the new ReneSola project?

The project is expected to begin commercial operation by the third quarter of 2022.

What capacity will the ReneSola solar project generate?

The project will generate 20 MW of solar power and include 6.5 MW/26 MWh of battery energy storage.

How long is the power purchase agreement for the ReneSola project?

The power purchase agreement is for a duration of 20 years.