{"id":383976,"date":"2020-11-18T08:40:42","date_gmt":"2020-11-18T13:40:42","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=383976"},"modified":"2020-11-18T08:40:42","modified_gmt":"2020-11-18T13:40:42","slug":"renesola-power-closes-previously-announced-acquisition-of-selected-assets-of-nova-development","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/renesola-power-closes-previously-announced-acquisition-of-selected-assets-of-nova-development\/","title":{"rendered":"ReneSola Power Closes Previously Announced Acquisition of Selected Assets of Nova Development"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">STAMFORD, Conn.<\/span>, <span class=\"xn-chron\">Nov. 18, 2020<\/span> \/PRNewswire\/ &#8212; ReneSola Ltd (&#8220;ReneSola Power&#8221; or the &#8220;Company&#8221;) (<a href=\"http:\/\/www.renesolapower.com\" rel=\"nofollow\">www.renesolapower.com<\/a>) (NYSE: SOL), a leading fully integrated solar project developer, today announced the successful closing of the acquisition of selected assets, including DG and solar-plus-storage projects, from Nova Development Management, for a gross purchase price of approximately <span class=\"xn-money\">$3.8 million<\/span>.\u00a0 The acquisition has immediately increased Renesola Power&#8217;s development pipeline by approximately 200 MW, and has added an experienced solar project development team. \u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/707006\/ReneSola_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/707006\/ReneSola_Logo.jpg\" title=\"ReneSola Logo. (PRNewsFoto\/ReneSola Ltd) (PRNewsfoto\/ReneSola Ltd.)\" alt=\"ReneSola Logo. (PRNewsFoto\/ReneSola Ltd) (PRNewsfoto\/ReneSola Ltd.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Mr. <span class=\"xn-person\">Yumin Liu<\/span>, Chief Executive Officer of ReneSola Power, commented, &#8220;We are pleased to reach this important milestone for the Company, its employees and shareholders.\u00a0The assets we purchased from Nova Development Management are an excellent strategic and operational fit with our business.\u00a0 We expect the acquisition to strengthen our position in the U.S. market and to expand our presence into small-scale utility market.\u00a0 Importantly, we are expanding the scale of our solar energy development platform and driving value for all stakeholders.&#8221;<\/p>\n<p>\n        <b><br \/>\n          <u>Well-Positioned for Growth<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>The market focus of the solar project assets being acquired is highly complementary with ReneSola Power&#8217;s existing business. In particular, the new team brings expertise in the development of U.S. distributed generation and small-scale utility projects with battery storage, which is expected to augment the Company&#8217;s historical strength in U.S. community solar and European DG. <\/p>\n<p>The acquisition has immediately increased Renesola Power&#8217;s development pipeline by approximately 200 MW.\u00a0It provides the Company with access to utility projects and development activities in a number of states, including <span class=\"xn-location\">Pennsylvania<\/span>, <span class=\"xn-location\">California<\/span>, <span class=\"xn-location\">New York<\/span>, <span class=\"xn-location\">Maine<\/span>, <span class=\"xn-location\">Illinois<\/span> and <span class=\"xn-location\">Arizona<\/span>. In addition, this transaction strengthens the Company&#8217;s capabilities and scale, and enhances its position for creating value in the quarters ahead.<\/p>\n<p>\n        <b><br \/>\n          <u>Financial Terms<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Instead of an all-stock transaction as previously announced, ReneSola Power used approximately <span class=\"xn-money\">$3.8 million<\/span> of cash on hand to complete the acquisition.\u00a0 The all-cash transaction aligns the Company&#8217;s strategic priorities with the interests of its current shareholders. <\/p>\n<p>\n        <b>About ReneSola Power<\/b>\n      <\/p>\n<p>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&#8217;s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and <span class=\"xn-location\">Europe<\/span>, where the Company has a market-leading position in several geographies, including <span class=\"xn-location\">Poland<\/span>, <span class=\"xn-location\">Hungary<\/span>, <span class=\"xn-location\">Minnesota<\/span> and <span class=\"xn-location\">New York<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN96326&amp;sd=2020-11-18\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/renesola-power-closes-previously-announced-acquisition-of-selected-assets-of-nova-development-301175997.html\">http:\/\/www.prnewswire.com\/news-releases\/renesola-power-closes-previously-announced-acquisition-of-selected-assets-of-nova-development-301175997.html<\/a><\/p>\n<p>SOURCE  ReneSola Ltd.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN96326&amp;Transmission_Id=202011180837PR_NEWS_USPR_____CN96326&amp;DateId=20201118\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire STAMFORD, Conn., Nov. 18, 2020 \/PRNewswire\/ &#8212; ReneSola Ltd (&#8220;ReneSola Power&#8221; or the &#8220;Company&#8221;) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the successful closing of the acquisition of selected assets, including DG and solar-plus-storage projects, from Nova Development Management, for a gross purchase price of approximately $3.8 million.\u00a0 The acquisition has immediately increased Renesola Power&#8217;s development pipeline by approximately 200 MW, and has added an experienced solar project development team. \u00a0 Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, &#8220;We are pleased to reach this important milestone for the Company, its employees and shareholders.\u00a0The assets we purchased from Nova Development Management are an excellent strategic and operational fit with our business.\u00a0 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/renesola-power-closes-previously-announced-acquisition-of-selected-assets-of-nova-development\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ReneSola Power Closes Previously Announced Acquisition of Selected Assets of Nova Development&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-383976","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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