SHANGHAI and SUMMIT, N.J., April 8,
2019 /PRNewswire/ -- In a joint statement today, ReneSola
Ltd (NYSE: SOL) ("ReneSola"), a leading fully-integrated solar
project developer and provider of energy-efficient products, and
Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar
project acquisition, development and asset management company,
announced Nautilus's acquisition of a 21 MW community solar
portfolio, the largest community solar portfolio developed by
ReneSola in Minnesota. Like two
previous ~13MW acquisitions announced in 2017 and 2018 between the
parties, this portfolio also qualified under Xcel Energy's rapidly
expanding community solar program in Minnesota. The portfolio is spread over four
sites and will incorporate both single-axis tracking and fixed tilt
solar applications. The portfolio will be built through the
remainder of year and is expected to come online during Q4
2019.
Nautilus, through its full-service platform, provided
early-stage development capital and will be responsible for
long-term asset management services and maintenance for the
projects. The projects will be owned by an affiliate of Virgo
Investment Group, which is also a minority shareholder of Nautilus
Solar Energy. The energy provided by the portfolio directly
benefits local community off-takers located offsite by providing
energy cost savings while also advancing subscriber's
sustainability goals.
"This transaction once again demonstrates the strong project
development and subscription sales capabilities of our Minneapolis-based community solar team,"
remarked Hal Galvin, General
Manager, U.S. Midwest Region of ReneSola Power Holdings, the U.S.
project development arm of ReneSola. "Our prior successful
experience partnering with the Nautilus team continued to give us
confidence in their transaction execution capabilities and their
expertise in community solar," added Doran
Hole, CEO, North America
and Group VP -- Strategy of ReneSola.
"With this acquisition, we significantly expand our presence in and
commitment to the Minnesota
community solar marketplace," said Jim
Rice, CEO of Nautilus Solar. "The size of this
transaction further demonstrates Nautilus's goal of becoming a
leading acquirer of community solar projects in Minnesota and throughout the country" added
Jeffrey Cheng, COO of Nautilus
Solar.
About ReneSola
Founded in 2005, and listed on the New York Stock
Exchange in 2008, ReneSola (NYSE: SOL) is an
international leading brand of solar project developer. Leveraging
its global presence and solid experience in the
industry, ReneSola is well positioned to develop green
energy projects with attractive return around the world. For more
information, please visit www.renesolapower.com.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, headquartered
in Summit, N.J., is a leading national solar acquisition,
development and asset management company. Nautilus focuses on
developing, acquiring, executing and managing distributed and
utility-scale generation solar projects. Over its 12+year history,
Nautilus has invested over $1B in
capital and asset manages an additional 150MW located throughout
North America. Nautilus is minority owned by Virgo Investment
Group, LLC. Join Nautilus Solar Energy
on LinkedIn and Twitter and
visit www.nautilussolar.com for more information.
Safe Harbor Statement
This press release contains statements that constitute
''forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Whenever you
read a statement that is not simply a statement of historical fact
(such as when the Company describes what it "believes," "plans,"
"expects" or "anticipates" will occur, what "will" or "could"
happen, and other similar statements), you must remember that the
Company's expectations may not be correct, even though it believes
that they are reasonable. The Company does not guarantee that the
forward-looking statements will happen as described or that they
will happen at all. Further information regarding risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements is included in the
Company's filings with the U.S. Securities and Exchange
Commission, including the Company's annual report on Form 20-F. The
Company undertakes no obligation, beyond that required by law, to
update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made, even
though the Company's situation may change in the future.
For investor and media inquiries for ReneSola, please
contact:
In China:
ReneSola Ltd
Ms. Ella Li
+86-(21)-6280-9910 x206
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United States:
The Blueshirt
Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
For media inquiries for Nautilus Solar, please
contact:
Nazli Ekim
+1 (917) 355-9650
nazli@nautilussolar.com
Cathy McAuliffe
cathy@nautilussolar.com
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SOURCE ReneSola Ltd.