US based solar power projects developer ReneSola Power has announced the acquisition of Emeren Limited, a UK headquartered utility scale solar and battery storage company and its partner for the Italian solar PV market since 2021.
Emeren and all of its 22 member staff come under ReneSola's management with more than 2.5 GW of under development pipeline including over 2 GW of solar PV projects and storage projects portfolio exceeding 500 MW. ReneSola completed the transaction on October 10, 2022 through an all-cash deal with an earn-out provision.
The UK based company brings to ReneSola's fold its in-depth knowledge of the Italian market and other key European solar markets, said Emeren CEO Guido Prearo.
Calling Europe its largest solar market, ReneSola Power said the acquisition is expected to generate healthy EBITDA immediately. "The timing of this acquisition is excellent as it increases our project pipeline in Europe at a time when solar power purchase agreement prices have increased dramatically due to a supply shortage and favorable regulatory conditions," added ReneSola CEO Yumin Liu.
Both the companies entered a strategic partnership agreement last year to achieve 110 MW shovel-ready ground mounted solar power projects in Italy by 2022 while claiming a pipeline of several transactions scheduled for 2021 (see ReneSola Announces Solar Project Partnership For Italy).