ReneSola Ltd and Nautilus Solar Energy, LLC jointly announced Nautilus's acquisition of an approximately 13.3MW community solar portfolio previously developed by ReneSola. The portfolio is expected to be built through the remainder of 2017, coming online during Q1 2018.
"The transaction demonstrates our strong execution in project development. We believe community solar to be an attractive market for us in the U.S." remarked, Kevin Chen, CEO of ReneSola Power Holdings, the U.S. project development arm of ReneSola. "We look forward to continue working with the Nautilus team on other solar opportunities from our national development portfolio."
"This deal continues the exciting growth strategy that we announced last year and expands our focus and capabilities to include community solar developments," said Jim Rice, CEO of Nautilus Solar. The acquisition also comes as part of Nautilus's expansion strategy into newer solar markets located throughout the U.S. "This transaction exemplifies how Nautilus is able to work closely together with experienced developers to provide superior results and in a timely fashion. We are excited to be continuing to work with ReneSola's development team," added Jeffrey Cheng, COO of Nautilus Solar.