ReneSola and renewables investor Innova have entered into a strategic partnership agreement to co-develop utility-scale solar projects in the UK.
As part of the agreement, ReneSola Power and Innova will create a joint venture company that will continue the development of the existing pipeline of 50MW, and intends to develop at least another 50MW of utility-scale projects in the next couple of years.
ReneSola European Region CEO Josef Kastner said: “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.”
This is the second joint venture Renesola has formed in the UK recently and will “further strengthen” the company’s project pipeline in Europe and enable it to achieve its goal of reaching 1GW.