STAMFORD, Conn., Nov. 18, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the successful closing of the acquisition of selected assets, including DG and solar-plus-storage projects, from Nova Development Management, for a gross purchase price of approximately $3.8 million. The acquisition has immediately increased Renesola Power's development pipeline by approximately 200 MW, and has added an experienced solar project development team.
Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, "We are pleased to reach this important milestone for the Company, its employees and shareholders. The assets we purchased from Nova Development Management are an excellent strategic and operational fit with our business. We expect the acquisition to strengthen our position in the U.S. market and to expand our presence into small-scale utility market. Importantly, we are expanding the scale of our solar energy development platform and driving value for all stakeholders."
Well-Positioned for Growth
The market focus of the solar project assets being acquired is highly complementary with ReneSola Power'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 the Company's historical strength in U.S. community solar and European DG.
The acquisition has immediately increased Renesola Power's development pipeline by approximately 200 MW. It provides the Company 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.
Instead of an all-stock transaction as previously announced, ReneSola Power used approximately $3.8 million of cash on hand to complete the acquisition. The all-cash transaction aligns the Company's strategic priorities with the interests of its current shareholders.
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.