PVTIME - 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.