China-headquartered renewables developer ReneSola has signed an agreement to acquire solar projects and other assets from an undisclosed US-based developer.
The transaction, valued at $8m, will expand ReneSola’s project pipeline by 200MW.
The deal is expected to close by the end of the third quarter of 2020.
The acquisition provides ReneSola Power with access to utility projects and development activities in a number of states, including Pennsylvania, California, New York, Maine, Illinois and Arizona.
The acquisition will also add an experienced solar project development team to ReneSola’s.
ReneSola said the solar project assets being acquired are “highly complementary” with the company’s existing business.
The new team will add expertise in the development of US distributed generation and small-scale utility projects with battery storage, ReneSola said.
ReneSola chief executive Yumin Liu said: “This marks an important milestone for us, and we are very excited to incorporate these new projects into our pipeline.
“The acquisition strengthens our position in the US market and expands our presence into small-scale utility market.
“By leveraging ReneSola Power’s global reach and experience with the new team’s solid track record in the US, we are expanding the scale of our solar energy development platform.
“We look forward to capturing potential market opportunities while driving value for all stakeholders.”