Solar project developer ReneSola Ltd (NYSE:SOL) on Wednesday said it has closed the purchase of about 200 MW of distributed generation and solar plus energy storage projects in the US from Nova Development Management.
ReneSola said that instead of the all-stock deal previously announced, it has paid a gross purchase price of about USD 3.8 million (EUR 3.2m) in cash for the portfolio.
The transaction gives ReneSola access to utility projects and development activities in several states, including Pennsylvania, California, New York, Maine, Illinois and Arizona.
The new projects bring expertise in the development of distributed generation and solar plus battery in the US which will complement ReneSola's existing focus on community solar in the US and distributed generation in Europe.
"We expect the acquisition to strengthen our position in the U.S. market and to expand our presence into small-scale utility market," ReneSola CEO Yumin Liu noted.