ReneSola Ltd (“ReneSola Power” or the “Company”) (NYSE: SOL), a leading fully integrated global solar project developer, today announced that it will participate in a consortium to develop a large-scale ground-mounted solar plant in the south of France. The plant is expected to produce 46 GWh, and supply electricity to approximately 10,000 households per year.
The consortium is led by Tenergie, the second largest independent power producer in France. Other members of the consortium include a leading power consulting company and a recognized leader in project crowdfunding. The consortium will develop the power plant covering 30 hectares of leased land in the town of Aups. The plant will be owned by an entity, which in turn will be owned by the IPP, the Municipality of Aups. Local stakeholders and the individuals that participate in crowdfunding are deeply involved in the project conception phase. The Company estimates that a project of this size and design would typically have capacity of approximately 30 MW. Actual capacity will be subject to additional authorizations, such as permits needed for final project design.
Mr. Josef Kastner, CEO of ReneSola Power European Region, commented, “This project demonstrates the strength of public-private partnerships and how they can help us grow our business in Europe while promoting a more sustainable energy supply. Not only will Aups get a substantial source of clean and low-cost energy, but the town will secure a good source of revenue and its citizens will have an opportunity to invest in—and profit from—the growth of the clean energy industry.”
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, added, “This project validates that our business in France is strong and growing. ReneSola Power is a leading developer in Europe, and we intend to accelerate our growth in the region. Europe focuses on the development of social responsibility, and various governments across the region support the deployment of solar power. Both France and other European countries are exactly the type of markets in which we are focusing our business development efforts.”
About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.
