ReneSola announced on July 30 that it has entered into a strategic partnership agreement with Emeren to jointly develop ground-mounted PV projects in Italy. Emeren is a UK-based company that specializes in the setup of PV systems and energy storage systems for the utility market.
According to the press release about this deal, the two companies has a pipeline of joint projects that extend to 2022. Approximately 110MW of projects in the pipeline are ready to commence construction. ReneSola stated that more related transactions are expected to take place in 2021.
Emeren stated that it currently has over 1GW of PV projects that are at the early or middle stage of development and financially supported by institutional investments. It has also established subsidiaries in Italy and Switzerland.
Commenting on this agreement, Yumin Liu, CEO of ReneSola, said that the partnership with Emeren fits into ReneSola’s growth strategy. Moreover, gaining a foothold in Italy will eventually allow ReneSola to take advantage of other project opportunities across Europe.
Other renewable energy news websites have reported that ReneSola has been capturing market shares in the US and Europe through deals such as the one with Emeren. It aims to raise the generation capacity of its project pipeline to 2GW by the end of 2021.