ReneSola, BayWa r.e. double down on UK focus with new partnerships and expanded strategies

Facebook
Twitter
LinkedIn
Reddit
Email
Image: ReneSola

Solar developers ReneSola and BayWa r.e. have both doubled down on their commitments to project development in the UK.

ReneSola is to expand its UK presence through a utility-scale pipeline developed with subsidy-free solar platform Novergy.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The duo have formed a joint venture (JV) with an aim of continuing to develop an existing 100MW pipeline before looking at “at least” another 100MW over the following few years.

This follows ReneSola announcing in March it would be refocusing on its core markets, including developments in the UK, US and Spain. The company, which originally started life as a solar manufacturer before shifting to pureplay development in 2017, has zeroed in on the US as of late, moving its headquarters to Stamford, Connecticut last year.

It also has experience developing in the UK market, with Josef Kastner, CEO of ReneSola European Region, stating that the partnership with Novergy offers “new opportunities to enable further expansion into the UK market”.

“We expect the JV to benefit both companies by building a more robust utility project portfolio while leveraging our expertise in project development.”

It unveiled its return to profitability earlier this year, posting revenue of US$26.2 million during Q2, which was up more than 20% sequentially and up 93% on the revenue recorded in the same quarter in 2019.

Yumin Liu, CEO of ReneSola Power, said that “business momentum continues”, adding “we believe this once again represents an important step for us to grow our global pipeline in the next several quarters and beyond”.

Novergy, meanwhile, claims to have involvement in over 1GW of utility-scale solar projects. Its CEO, Florent Leblanc, said the partnership will “enhance our financing and development capabilities in the UK”.

Meanwhile, BayWa r.e. said it had entered into a “new phase” of an ambitious growth strategy in the UK, expanding its presence into energy storage, hydrogen and power-2-x, amongst other renewable energy technologies.

The company has appointed Stefan Tait as head of energy storage and power-2-x in the UK, and his responsibility will be to drive the strategic development of new projects in the UK and Ireland. Tait previously headed up the developer’s strategy team, based in Munich, playing a pivotal role in the company’s EMEA project portfolio.

Gordon MacDougall, managing director at BayWa r.e. UK, said: “Since my appointment in 2018, we have been heavily investing and building our position in the UK market. With strong foundations in place, I am delighted to welcome Stefan to the team to drive the next stage of our strategic development and futureproof our business by growing our position in new storage technologies.”

Read Next

October 8, 2024
PV Tech spoke to sun.store about its latest report, showing a downward trend for prices for monofacial and bifacial modules in Europe.
October 8, 2024
Zelestra has acquired a majority stake in German independent power producer (IPP) East Energy GmbH from CropEnergies.
October 8, 2024
NextPower UK ESG has signed one of the UK’s largest solar sleeved PV PPAs with Anglian Water Services covering the 75MW Llanwern project.
October 7, 2024
The Australian government has granted Spanish solar PV developer X-Elio the green light to develop its 350MW Sixteen Mile solar-plus-storage project in Queensland.
October 4, 2024
Xcel Energy has reached an agreement on its 2024 Resource Plan which it says will reduce its carbon emissions by 80%.
October 4, 2024
Australian utility Origin Energy announced its intention to withdraw from hydrogen and focus on renewable energy and energy storage, citing “uncertainty around the pace and timing of development of the hydrogen market".

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile
Solar Media Events
October 22, 2024
New York, USA