ReneSola to grow US solar pipeline by 200 MW via asset purchases
Author: EBRD / All rights reserved.
Global solar project developer ReneSola Ltd (NYSE:SOL) announced on Tuesday it will buy some assets that will increase its development pipeline by about 200 MW.
The company has signed a deal to purchase said assets from an undisclosed developer in exchange for about USD 8 million (EUR 6.8m) worth of ReneSola stock. The transaction is seen to close by the end of September.
Through this deal, ReneSola will also acquire a team with experience in the development of US distributed generation and small-scale utility projects with battery storage. The company will gain access to utility projects and development activities in several states, including Pennsylvania, California, New York, Maine, Illinois and Arizona.
ReneSola noted that the purchased assets’ market focus is highly complementary with the company's existing business.