ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, and Novergy, a subsidy-free solar platform specialised in the origination, development, design, optimization, construction and commissioning of solar projects in the United Kingdom, today announced that they entered into a strategic partnership agreement to co-develop utility-scale projects in the UK.
As part of the agreement, ReneSola Power and Novergy will create a joint venture company. The JV expects to continue the development of the existing pipeline of 100MW, and intends to develop at least another 100 MW of utility-scale projects in the next couple of years.
Mr. Josef Kastner, CEO of ReneSola European Region, commented, “We are excited about this partnership, as it combines strengths and competitive advantages of both companies, and provides new opportunities to enable further expansion into the UK market. We expect the JV to benefit both companies by building a more robust utility project portfolio while leveraging our expertise in project development.”
Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, added, “Business momentum continues. This is the second joint venture we have announced in a month, and we look forward to working with our partners to expand our reach in Europe. We believe this once again represents an important step for us to grow our global pipeline in the next several quarters and beyond.”
Mr. Florent Leblanc, Chief Executive Officer of Novergy, said, “We are delighted to be partnering with Renesola Power who is a long standing player in the solar sector and will enhance our financing and development capabilities in the UK. This agreement with Renesola Power is a testament to Novergy’s track record and a significant step towards our mission to develop 1GW of solar projects in the UK over the next few years.”
