ReneSola, a fully integrated solar project developer, announced the acquisition of Emeren, a utility-scale solar power, and battery projects developer.
“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,” commented Mr. Yumin Liu, ReneSola Power Chief Executive Officer.
Emeren is currently comprised of over 22 employees and has been a strategic partner of Renesola Power to co-develop ground-mounted solar and storage projects in Italy since 2021. They have over 2.5 GW of pipeline under development at different stages, including over 2 GW of solar projects and over 500 MW of storage projects.
The acquisition transaction was completed on October 10 through an all-cash deal with an earn-out provision.
“ReneSola Power’s significant project development expertise and resources will enable us to grow stronger and more dynamic and benefit our partners and trusted clients. At the same time, we bring in-depth knowledge of the Italian market and other key European solar markets. I am confident we will achieve our solar development and storage milestones in the next few years and contribute significantly to ReneSola Power’s long-term growth,” said Guido Prearo, CEO of Emeren.
ReneSola Power is a global solar project developer and operator. The company focuses on solar power project development, construction management, and project financing services.
Renesola recently acquired a 50 MW solar project from P&T Global Renewable Energy in Lincoln, UK. The transaction was completed on September 30, 2022. According to comments by Mr. Yumin Liu, ReneSola CEO, the project will strengthen its market position in Europe and is expected to be profitable on day one, and provide stable cash flows.
The company also sold 70 MW solar development projects to AB CarVal, an investment fund manager in Pennsylvania. The portfolio consists of three ground-mounted utility-scale projects in Pennsylvania located in the broader PJM transmission territory.
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, in 1H 2022, there were 53 solar M&A transactions compared to 54 transactions in 1H 2021.
