Solar system in southern Italy. Author: Richard Allaway. License: Creative Commons, Attribution 2.0 Generic.
Solar project developer and operator ReneSola Ltd (NYSE:SOL) has acquired UK-based Emeren Ltd, which develops solar and battery projects in Europe and has a pipeline of over 2.5 GW at different stages of development.
Emeren’s pipeline includes 2 GW of utility-scale solar projects and 500 MW of energy storage schemes. The company currently has 22 employees.
ReneSola said today it took over Emeren in an all-cash deal with an earn-out provision that was completed on October 10, without providing further details of the transaction. It has partnered with Emeren on developing solar and storage projects in Italy since 2021.
“The timing of this acquisition is excellent as it increases our project pipeline in Europe at a time when solar power purchase agreement prices have increased dramatically due to a supply shortage and favorable regulatory conditions,” said ReneSola chief executive Yumin Liu.
Emeren chief executive Guido Prearo said his company will benefit from ReneSola's project development expertise and resources, while Emeren will bring deep knowledge of the Italian market and other key European solar markets.