Shanghai and Summit, NJ /PRNewswire/ - In a joint statement today, ReneSola Ltd (NYSE: SOL) ("ReneSola"), a leading fully-integrated solar project developer and provider of energy-efficient products, and Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, announced Nautilus's acquisition of a 21 MW community solar portfolio, the largest community solar portfolio developed by ReneSola in Minnesota. Like two previous ~13MW acquisitions announced in 2017 and 2018 between the parties, this portfolio also qualified under Xcel Energy's rapidly expanding community solar program in Minnesota. The portfolio is spread over four sites and will incorporate both single-axis tracking and fixed tilt solar applications. The portfolio will be built through the remainder of year and is expected to come online during Q4 2019.
Nautilus, through its full-service platform, provided early-stage development capital and will be responsible for long-term asset management services and maintenance for the projects. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy. The energy provided by the portfolio directly benefits local community off-takers located offsite by providing energy cost savings while also advancing subscriber's sustainability goals.
"This transaction once again demonstrates the strong project development and subscription sales capabilities of our Minneapolis-based community solar team," remarked Hal Galvin, General Manager, U.S. Midwest Region of ReneSola Power Holdings, the U.S. project development arm of ReneSola. "Our prior successful experience partnering with the Nautilus team continued to give us confidence in their transaction execution capabilities and their expertise in community solar," added Doran Hole, CEO, North America and Group VP -- Strategy of ReneSola.
"With this acquisition, we significantly expand our presence in and commitment to the Minnesota community solar marketplace," said Jim Rice, CEO of Nautilus Solar. "The size of this transaction further demonstrates Nautilus's goal of becoming a leading acquirer of community solar projects in Minnesota and throughout the country" added Jeffrey Cheng, COO of Nautilus Solar.
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, headquartered in Summit, N.J., is a leading national solar acquisition, development and asset management company. Nautilus focuses on developing, acquiring, executing and managing distributed and utility-scale generation solar projects. Over its 12+year history, Nautilus has invested over $1B in capital and asset manages an additional 150MW located throughout North America. Nautilus is minority owned by Virgo Investment Group, LLC. Join Nautilus Solar Energy on LinkedIn and Twitter and visit www.nautilussolar.com for more information.
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SOURCE: ReneSola Ltd.Copyright 2019 PR Newswire. All Rights Reserved