Solar developer ReneSola Power has acquired UK-based utility-scale PV and battery storage developer Emeren as it expands its footprint in Italy and other European markets.
With a pipeline of more than 2GW of solar and 500MW of storage under development, Emeren formed a partnership with ReneSola last year to develop PV projects in Italy.
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Guido Prearo, CEO at Emeren, said the acquisition “offers unique synergies”, combining his company’s knowledge of European solar markets with ReneSola’s project development expertise and resources.
The acquisition was completed on 10 October through an all-cash deal.
For ReneSola, the deal comes after CEO Yumin Liu revealed earlier this year the US-headquartered developer was planning to expand its operations in one or two new European countries.
Liu said in a statement this week: “The timing of this acquisition is excellent as it increases our project pipeline in Europe at a time when solar power purchase agreement prices have increased dramatically due to a supply shortage and favourable regulatory conditions.”