- Represents Fourth Acquisition Between Two Companies
PVTIME - In a joint statement today, ReneSola Ltd (NYSE: SOL) ("ReneSola Power"), a leading fully-integrated solar project developer, and Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, announced Nautilus's acquisition of a 10.4 MW community solar portfolio developed by ReneSola Power in Minnesota.
Like previous acquisitions, including the 21MW purchase in 2019 and
the two-13.3 MW acquisitions announced in 2017 and 2018, this portfolio
also qualified under Xcel Energy's community solar program in Minnesota.
The portfolio is comprised of eight single axis tracker solar
installations, each commonly referred to as a solar garden. The projects
are located in counties across the southern half of Minnesota,
and are designed to produce enough energy to power over 1,450 homes.
The portfolio is expected to come online by the fourth quarter of 2020.
Nautilus will be responsible for the project management, long-term
asset and subscriber management and maintenance services for this
portfolio. In addition to having developed the projects, ReneSola Power
will be responsible for securing the subscribers. The energy generated
by the projects will directly benefit qualified commercial and
residential 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.
"We are excited to be working with the Nautilus team. This
transaction once again demonstrates the project development expertise of
our team in Minneapolis," said John Ewen,
CEO of ReneSola Power North America. "Despite ongoing macro
uncertainties, both Nautilus and ReneSola teams successfully completed
the transaction. Community solar remains an attractive market for us in
the U.S., and we look forward to collaborating with Nautilus on other
solar opportunities in the near future," commented Yumin Liu, Chief Executive Officer of ReneSola Power.
"With this acquisition, we are able to significantly expand our subscriber presence in the Minnesota community solar marketplace to service smaller commercial and even residential customers," said Jim Rice,
Co-CEO of Nautilus Solar. "This successful transaction, being the
fourth deal consummated with the ReneSola team over the last 3 years,
further exemplifies Nautilus's long-term commitment to working closely
with our development partners," added Jeffrey Cheng, President of Nautilus Solar.