ReneSola Power to Acquire Certain Assets in All-Stock Transaction

PVTIME – ReneSola Ltd (“ReneSola Power” or the “Company”) ( (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 ahead.

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.”