ReneSola, Innova form joint venture to develop solar projects in the UK
ReneSola, a fully integrated solar project developer, and Innova, a company that invests in and operate a diversified portfolio of UK renewable energy assets, with a focus on utility-scale ground mounted and commercial roof top solar installations, located at agricultural, industrial and commercial sites, entered into a strategic partnership agreement to co-develop utility-scale projects in the UK.
This is the second JV Renesola Power has formed in the UK in recent weeks. It will further strengthen the Company's project pipeline in Europe and enable it to achieve its goal of reaching 1GW.
As part of the agreement, ReneSola Power and Innova will create a joint venture company. The JV expects to continue the development of the existing pipeline of 50MW, and intends to develop at least another 50+ MW of utility-scale projects in the next couple of years.
Josef Kastner, CEO of ReneSola European Region, commented: "The new joint venture reinforces ReneSola Power's capabilities in the development and deployment of solar assets across multiple jurisdictions. The combined strengths of both companies will create significant synergy and provide new opportunities to further expand into the UK market. Additionally, we view the UK government's latest plan to boost green industries as a positive development, and are optimistic about our business prospects in the country."
Yumin Liu, Chief Executive Officer of ReneSola Power, added: "We are excited about the partnership with Innova, and look forward to working with them to build a more robust utility project portfolio. We are on track to add incremental project pipeline in our core markets to reach 1GW by the end of 2020. Nonetheless, we acknowledge that economic conditions could change at any moment due to factors beyond our control, including the COVID-19 pandemic's resurgence."
Robin Dummett, co-founder and Director of Innova said: "We are delighted to be partnering with Renesola Power in this exciting joint venture to develop part of our UK project pipeline, bringing to bear our significant in-house experience across the development spectrum. This agreement is further testament to Innova Renewables' successful track record in delivery of utility-scale projects."
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