ReneSola acquires European solar-storage player
- Emeren has more than 2.5 GW of PV (+2 GW) and also battery (+500 MW) projects in growth in Italy
China-headquartered solar developer ReneSola has acquired Emeren, a European utility-scale solar and battery projects developer.
The acquisition purchase was finished via an all-cash handle an earn-out arrangement.
Emeren has 22 employees and has been a calculated partner of Renesola Power to co-develop ground-mounted solar as well as storage space projects in Italy because 2021.
Emeren has greater than 2.5 GW of pipeline projects at various stages of development, including over 2GW of solar projects and also over 500MW of storage space projects.
Yumin Liu, ReneSola Power President, stated: "ReneSola Power is committed to increasing solar development in Europe, the biggest market in our worldwide existence.
" The timing of this procurement is superb as it increases our project pipeline in Europe each time when solar energy acquisition arrangement rates have increased substantially because of a supply scarcity and also favourable regulative conditions.
" Better, the prominent reputation, economic profile, as well as sector experience of Emeren are valuable assets to ReneSola Power as we broaden our service impact into Italy and also various other European countries.
" The acquisition is anticipated to create healthy EBITDA immediately."
Guido Prearo, CEO of Emeren, included, "I'm really thrilled concerning this procurement as it supplies unique synergies.
" ReneSola Power's substantial project development expertise and also resources will certainly allow us to grow more powerful and also more dynamic and also benefit our partners and also trusted customers.
" At the same time, we bring extensive expertise of the Italian market and various other vital European solar markets.
" I am certain we will attain our solar growth and storage milestones in the following few years as well as add substantially to ReneSola Power's long-lasting growth."