PVTIME - ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the signing of an agreement to acquire certain assets, including solar projects and accounts receivable, from an undisclosed U.S.-based developer in an all-stock transaction that values the assets at approximately $8 million. The acquisition will also add an experienced solar project development team to solidify ReneSola's position as a leading global solar energy developer and operator. The deal is expected to close by the end of the third quarter of 2020, subject to customary closing conditions.
The market focus of the solar project assets being acquired is highly
complementary with the Company's existing business. In particular, the
new team brings expertise in the development of U.S. distributed
generation and small-scale utility projects with battery storage, which
is expected to augment Renesola Power's historical strength in U.S.
community solar and European DG. Once completed, the transaction should
immediately increase Renesola Power's development pipeline by
approximately 200 MW.
The acquisition provides ReneSola Power with access to utility
projects and development activities in a number of states, including Pennsylvania, California, New York, Maine, Illinois and Arizona.
In addition, this transaction strengthens the Company's capabilities
and scale, and enhances its position for creating value in the quarters
Mr. Yumin Liu, Chief Executive Officer
of ReneSola Power, commented, "This marks an important milestone for
us, and we are very excited to incorporate these new projects into our
pipeline. The acquisition strengthens our position in the U.S. market
and expands our presence into small-scale utility market. By leveraging
ReneSola Power's global reach and experience with the new team's solid
track record in the U.S., we are expanding the scale of our solar energy
development platform. We look forward to capturing potential market
opportunities while driving value for all stakeholders."