ReneSola Ltd., a fully integrated solar project developer, has completed a 21.05 MW portfolio of community solar projects in Minnesota.
ReneSola Power developed and subsequently sold this community solar portfolio to Nautilus Solar Energy LLC, a national solar project acquisition, development and asset management company.
“We are excited to have successfully developed these community projects, generating positive operating cash flow and favorably contributing to EBITDA this year,” says Yumin Liu, CEO of ReneSola Power.
“Community solar remains an attractive market for us in the U.S., and we continue to execute on our strategy. We are pleased with the operational progress we have made and remain optimistic about our outlook for the remainder of the year,” he adds.
The community solar portfolio developed by ReneSola Power is qualified under Xcel Energy’s community solar program in Minnesota and began commercial operation in July and August.
The energy generated by the projects will directly benefit qualified commercial off-takers situated within Xcel Energy’s service territory by providing energy cost savings while also advancing Minnesota’s 10% solar energy goal by 2030.
Photo: Nautilus Solar Energy’s landing page