International solar developer ReneSola Power has signed a joint venture (JV) with Innova to develop a pipeline of utility scale solar in the UK.
Together they will create a JV company to continue the development of the existing 50MW pipeline, as well as extending it by at least a further 50MW of utility scale projects in the next couple of years.
Josef Kastner, CEO of ReneSola European Region, said the JV reinforces the company’s capabilities in development and deployment.
“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."
The JV is the second made by the developer in recent weeks, having partnered with subsidy-free solar platform Novergy to develop an existing 100MW pipeline of UK solar, as well as further expanding this by at least 100MW more.
ReneSola is on track to add an incremental project pipeline in its core markets of 1GW by the end of 2020, according to Yumin Liu, chief executive officer of ReneSola Power.
“Nonetheless, we acknowledge that economic conditions could change at any moment due to factors beyond our control, including the COVID-19 pandemic's resurgence," he added.
Investment company Innova recently secured £30 million through refinancing its 57MW portfolio of UK rooftop and ground mounted solar PV, from high street bank NatWest. This will allow it to invest in “quality assets generating green power across a diverse range of UK sites”, the company said at the time.
Robin Dummett, co-founder and director of Innova said that the company was delighted to now 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.
“This agreement is further testament to Innova Renewables' successful track record in delivery of utility-scale projects."