ReneSola Announces Another PV Joint Venture In UK

Digging Deeper Into UK Solar Market, ReneSola Announces Joint Venture With Renewable Energy Investor Innova To Co-Develop 100 MW+ Capacity; Expands US Development Pipeline By 200 MW With Nova
08:36 PM (Beijing Time) - 20. November 2020
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ReneSola has once again announced a partnership developing utility scale PV projects in the UK, this time with Innova. Last month, it entered into a similar arrangement for the UK market with Novergy. Oictured is the coastline of Seven Sisters in England. (Photo Credit: Diego Torres/www.goodfreephotos.com)

Key Takeaways

  • ReneSola and Innova have announced a new partnership for the UK market
  • Together through a joint venture they plan to develop more than 100 MW ground mounted solar projects over the next couple of years
  • It continues to steam ahead in the pursuit of 1 GW capacity target by 2020-end, but believes things could change any time due to the pandemic resurgence and/or other factors
  • In the US, ReneSola said its overall development pipeline has expanded by 200 MW with successful acquisition of Nova Development Management

Days after announcing a strategic partnership with Novergy to co-develop around 200 MW utility scale PV projects in the UK, ReneSola Ltd. has provided information about another partnership in the country (see Yet Another Solar Joint Venture For UK Market).

This time the Chinese developer has announced a JV with renewable energy asset investor Innova to co-develop utility scale projects in the UK, starting with continuing to develop an existing pipeline of 50 MW capacity while aiming to develop another 50 MW and more such projects over the next couple of years, stated ReneSola. The company is aiming to strengthen its project pipeline in Europe to reach its goal of 1 GW capacity by the end of 2020.

Innova focuses on utility scale ground mounted and commercial rooftop solar installations located at agricultural, industrial and commercial sites.

“The new joint venture reinforces ReneSola Power’s capabilities in the development and deployment of solar assets across multiple jurisdictions,” said ReneSola European Region CEO, Josef Kastner. “The combined strengths of both companies will create significant synergy and provide new opportunities to further expand into the UK market. Additionally, we view the UK government’s latest plan to boost green industries as a positive development, and are optimistic about our business prospects in the country.”

ReneSola management said the company is on track to add an incremental project pipeline in its core markets to reach 1 GW target, but it cautioned that economic conditions could change at any moment due to factors as COVID-19 resurgence among others.

Steaming ahead with its European strategy, the company also joined hands with German solar project developer Vodasun recently to co-develop solar projects in Germany under a 50:50 joint venture (see China PV News Snippets: PV Addition, ReneSola, LONGi).

In a separate development, ReneSola has successfully closed the acquisition of selected assets including DG and solar-plus-storage projects in the US from Nova Development Management for around $3.8 million. This acquisition has immediately increased the company’s development pipeline by close to 200 MW and also its manpower experienced in the development of US distributed generation and small-scale utility projects with battery storage.

“It provides the Company with access to utility projects and development activities in a number of states, including Pennsylvania, California, New York, Maine, Illinois and Arizona. In addition, this transaction strengthens the Company’s capabilities and scale, and enhances its position for creating value in the quarters ahead,” added ReneSola referring to the acquisition.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani