Solar projects developer ReneSola Power has entered a strategic partnership agreement with Innova to develop utility-scale projects in the UK.
Innova invests in renewable energy assets and focuses on utility-scale ground-mounted and commercial rooftop solar installations.
According to the agreement, ReneSola and Innova will create a joint venture (JV) company that will focus on the development of existing 50MW pipeline.
It also intends to develop more than 50MW of utility-scale projects in the next two 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.”
Marking the second one for ReneSola in the UK in recent weeks, the latest JV is expected to further strengthen the company’s position in Europe while supporting its target of reaching a 1GW capacity.
Innova co-founder and director Robin Dummett said: “We are delighted to be partnering with Renesola Power in this exciting joint venture to develop part of our UK project pipeline, bringing to bear our significant in-house experience across the development spectrum.”
In a separate development, Renesola completed the acquisition of selected assets from Nova Development Management for $3.8m. Under the deal, the company acquired DG and solar-plus-storage projects.
The deal is said to have increased Renesola’s development pipeline by nearly 200MW.