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ReneSola Power Closes Sale of 12 MWdc of Solar Projects in Maine

Release Time: 2021-11-11

STAMFORD, Conn.Nov. 11, 2021 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it closed the sale of a 12 MWdc portfolio of solar development projects to Greenbacker Renewable Energy Company ("Greenbacker"), a publicly registered, non-traded limited liability company focused on investments in renewable energy power and energy efficiency projects, as well as other sustainable investments.  The sale demonstrates the Company's proven track record in North America.

The portfolio comprises four ground-mounted projects across different locations in Maine.  The projects are being sold at the "Notice to Proceed" (NTP) stage, and Greenbacker will complete the construction and retain long-term ownership.

Mr. John Ewen, CEO of ReneSola Power North America, commented, "ReneSola Power is committed to accelerating solar development in the U.S., and we are thrilled to see these projects contribute to Greenbacker's renewable energy portfolio and the clean energy goals of Maine."

Mr. Yumin Liu, Group Chief Executive Officer of ReneSola Power, said, "Greenbacker is an important partner to us, and we are excited to once again collaborate on these projects and help expand their renewable energy footprint in Maine.  Community solar is an attractive market for us in the U.S., and this transaction aligns with our strategy to focus on high-quality early-stage project development.  We look forward to leveraging our expertise to drive solar development activity across the U.S.

Mr. Charles Wheeler, Chief Executive Officer of Greenbacker, said, "We're proud that these projects will contribute to cheaper renewable energy for Mainers. Our partnership with ReneSola Power—and their wide-ranging renewables expertise—continues to help the Pine Tree State progress toward its admirable clean power generation goals, and we look forward to collaborating on projects with them in the future."

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including PolandHungaryMinnesota and New York.

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability energy company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest—including solar and wind facilities—sell power under long-term contract to high credit worthy counterparties such as utilities, municipalities, and corporations. For more information, please visit www.greenbackercapital.com.

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SOURCE ReneSola Ltd.

In the United States: Mr. Adam Krop, ReneSola Ltd, +1 (347) 577-9055 x115, IR.USA@renesolapower.com; Mr. Ralph Fong, The Blueshirt Group, +1 (415) 489-2195, ralph@blueshirtgroup.com; In China: Ms. Ella Li, ReneSola Power, +86 21 6280-9881 x8004, ir@renesolapower.com; Mr. Gary Dvorchak, CFA, The Blueshirt Group Asia, +86 (138) 1079-1480, gary@blueshirtgroup.com