SHANGHAI and SUMMIT, N.J., April 8, 2019 /PRNewswire/ -- In a joint statement today, ReneSola Ltd (NYSE: SOL) ("ReneSola"), a leading fully-integrated solar project developer and provider of energy-efficient products, and Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, announced Nautilus's acquisition of a 21 MW community solar portfolio, the largest community solar portfolio developed by ReneSola in Minnesota. Like two previous ~13MW acquisitions announced in 2017 and 2018 between the parties, this portfolio also qualified under Xcel Energy's rapidly expanding community solar program in Minnesota. The portfolio is spread over four sites and will incorporate both single-axis tracking and fixed tilt solar applications. The portfolio will be built through the remainder of year and is expected to come online during Q4 2019.
Nautilus, through its full-service platform, provided early-stage development capital and will be responsible for long-term asset management services and maintenance for the projects. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy. The energy provided by the portfolio directly benefits local community off-takers located offsite by providing energy cost savings while also advancing subscriber's sustainability goals.
"This transaction once again demonstrates the strong project development and subscription sales capabilities of our Minneapolis-based community solar team," remarked Hal Galvin, General Manager, U.S. Midwest Region of ReneSola Power Holdings, the U.S. project development arm of ReneSola. "Our prior successful experience partnering with the Nautilus team continued to give us confidence in their transaction execution capabilities and their expertise in community solar," added Doran Hole, CEO, North America and Group VP -- Strategy of ReneSola.
"With this acquisition, we significantly expand our presence in and commitment to the Minnesota community solar marketplace," said Jim Rice, CEO of Nautilus Solar. "The size of this transaction further demonstrates Nautilus's goal of becoming a leading acquirer of community solar projects in Minnesota and throughout the country" added Jeffrey Cheng, COO of Nautilus Solar.
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, headquartered in Summit, N.J., is a leading national solar acquisition, development and asset management company. Nautilus focuses on developing, acquiring, executing and managing distributed and utility-scale generation solar projects. Over its 12+year history, Nautilus has invested over $1B in capital and asset manages an additional 150MW located throughout North America. Nautilus is minority owned by Virgo Investment Group, LLC. Join Nautilus Solar Energy on LinkedIn and Twitter and visit www.nautilussolar.com for more information.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries for ReneSola, please contact:
Ms. Ella Li
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
In the United States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
For media inquiries for Nautilus Solar, please contact:
+1 (917) 355-9650
SOURCE ReneSola Ltd.