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ReneSola Ltd (NYSE: SOL), a leading fully integrated solar project developer, and Vodasun, a Munich, Germany-based project developer specialized in the development and construction of solar parks, announced that they entered into a strategic partnership agreement to co-develop and market ready-to-build (RTB) ground-mounted solar projects in Germany. Frankfurt-based consulting firm Capcora acted as M&A advisor to
Renesola in this transaction.
As part of the agreement, ReneSola Power and Vodasun will create a 50/50 joint venture company with a starting project portfolio of 50 to 100 MW. The JV intends to develop these projects, as well as develop an additional 50 to 100 MW of new projects per year.
Mr. Josef Kastner, CEO of ReneSola European Region, commented, “From a strategic perspective, the combined strengths and reputations of both companies will provide new opportunities to enable further expansion into Germany. The JV will benefit both companies by building a more robust project portfolio while leveraging our know-how and experience in project development. Additionally, we believe the JV will produce cost synergies to enhance profitability as we navigate the challenging macro environment.”
Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, added, “We are excited about this strategic partnership with Vodasun, and look forward to working with their team to expand our reach into Germany. We believe this is a meaningful step for us to achieve our global pipeline growth target in the next several quarters and beyond.”