Solar energy company ReneSola Power has acquired Emeren, a utility-scale solar power and battery project developer based in the UK, for an undisclosed sum.

Emeren has more than 2.5GW of capacity in its development pipeline, which includes more than 2GW of solar and more than 500MW of storage projects.

These projects are backed by capital from institutional investors.

The company employs more than 22 colleagues and was previously Renesola’s strategic partner for co-developing ground-mounted solar and storage projects in Italy.

Emeren CEO Guido Prearo said: “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.

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By GlobalData

“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.”

The all-cash transaction also has an earn-out provision.

ReneSola Power CEO Yumin Liu 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 earnings before interest, tax, depreciation and amortisation (EBITDA) immediately.”

In January last year, ReneSola and Eiffel Investment Group announced plans to jointly develop 1GW of solar capacity in Europe.

As part of this, the two companies agreed to create a joint venture to develop the solar projects.