China-headquartered solar developer ReneSola has acquired Emeren, a European utility-scale solar and battery projects developer.
The acquisition transaction was completed through an all-cash deal with an earn-out provision.
Emeren has 22 employees and has been a strategic partner of Renesola Power to co-develop ground-mounted solar and storage projects in Italy since 2021.
Emeren has more than 2.5GW of pipeline projects at various stages of development, including over 2GW of solar projects and over 500MW of storage projects.
Yumin Liu, ReneSola Power Chief Executive Officer, said: “ReneSola Power is committed to accelerating solar development in Europe, the largest market in our global presence.
“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.
“Further, the prestigious reputation, financial profile, and industry experience of Emeren are valuable assets to ReneSola Power as we expand our business footprint into Italy and other European countries.
“The acquisition is expected to generate healthy EBITDA immediately.”
Guido Prearo, CEO of Emeren, added, “I’m very excited about this acquisition as it offers unique synergies.
“ReneSola Power’s significant project development expertise and resources will enable us to grow stronger and more dynamic and benefit our partners and trusted clients.
“At the same time, we bring in-depth knowledge of the Italian market and other key European solar markets.
“I am confident we will achieve our solar development and storage milestones in the next few years and contribute significantly to ReneSola Power’s long-term growth.”