STAMFORD, Conn., Sept. 28, 2020 /PRNewswire/ -- ReneSola Ltd
("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE:
SOL), a leading fully integrated solar project developer, and
Vodasun, a Munich, Germany-based
project developer specialized in the development and construction
of solar parks, today announced that they entered into a strategic
partnership agreement to co-develop and market ready-to-build (RTB)
ground-mounted solar projects in Germany.
As part of the agreement, ReneSola Power and Vodasun will create
a 50/50 joint venture company with a starting project portfolio of
50 to 100 MW. The JV intends to develop these projects, as
well as develop an additional 50 to 100 MW of new projects per
year.
Mr. Josef Kastner, CEO of
ReneSola European Region, commented, "From a strategic perspective,
the combined strengths and reputations of both companies will
provide new opportunities to enable further expansion into
Germany. The JV will benefit both companies by building a more
robust project portfolio while leveraging our know-how and
experience in project development. Additionally, we believe
the JV will produce cost synergies to enhance profitability as we
navigate the challenging macro environment."
Mr. Yumin Liu, Chief Executive
Officer of ReneSola Power, added, "We are excited about this
strategic partnership with Vodasun, and look forward to working
with their team to expand our reach into Germany. We believe
this is a meaningful step for us to achieve our global pipeline
growth target in the next several quarters and beyond."
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.
About Vodasun
Since 2009, Vodasun plans, builds and operates turnkey
photovoltaic systems throughout Germany. The range of services extends from
single-family homes to complex large-scale projects with installed
capacities in the megawatt range. The Vodasun Group is divided into
three companies: Vodasun Akquise und Vertriebs GmbH develops and
sells PV projects to private and institutional investors, Vodasun
Construction is as EPC company responsible for the turnkey
construction and Vodastrom subsequently takes over the commercial
and technical management of the plants. The best engineering and
the use of high quality components ensure the yield and longevity
of the projects.
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SOURCE ReneSola Ltd.