ReneSola Ltd, a Chinese solar project developer that is now headquartered in the US, is expanding its presence in the Italian solar market. It has signed a strategic partnership agreement with UK based utility scale solar power and battery storage projects developer Emeren Limited.
Together, the 2 partners plan to co-develop ground mounted solar power projects in Italy with a target to reach 110 MW shovel-ready projects by 2022. They said they have a pipeline of several transactions scheduled for 2021.
Emeren claims to have over 1 GW of projects under development at mid-to-early stage, all backed by institutional investment. It also has subsidiaries in Italy and Switzerland.
ReneSola's CEO Yumin Liu said the co-development agreement is aligned with its growth strategy, and that it looks forward to pursuing other growth opportunities to co-develop projects across Europe.
ReneSola has been expanding its presence in the US and European markets through joint ventures and collaborative agreements as with Emeren, in line with its target to report a 2 GW project pipeline in these core markets by the end of 2021 (see ReneSola Signs JV Agreement With Eiffel Investment).