STAMFORD, Conn., Aug. 25, 2020 /PRNewswire/ -- 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 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."
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.
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SOURCE ReneSola Ltd.