ReneSola and X-Elio North America to Develop Solar Projects in North America

SHANGHAI, June 24, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or "the Company") (www.renesolapower.com) (SOL), a leading solar project developer, today announced that it entered into a development service agreement with X-Elio North America, a subsidiary of X-Elio, a Madrid, Spain-based company specialized in the development, construction, operation and maintenance of solar plants.  Under the agreement, the Company's North American development team will originate and develop large utility scale solar  projects for X-Elio.  The parties are conducting joint diligence on an initial portfolio of projects in California, Oregon and Utah with a total installed capacity of over 500 MW, many of which will include a battery storage system.

Under the terms of the agreement,  ReneSola will assist X-Elio with obtaining site control, permitting, interconnection and off-take agreements.  Additionally, ReneSola expects to provide further support, as X-Elio carries the projects through the financing and construction phases.

Mr. Doran Hole, ReneSola's CEO, North America and Group Vice President of Strategy, commented, "We are excited to deliver the capabilities of ReneSola's North American development platform to a strong partner like X-Elio, as the U.S. continues to be an important market for both companies.  With our talented team and solid track record of developing solar projects globally, we believe we are in a prime position to help X-Elio further expand its presence and support its solar deployment in North America."

Mr. Javier Adiego, North America Country Manager for X-Elio, said: "We are very pleased to work with ReneSola on this project. The U.S. is a market with a lot of potential for our business, and we are fully convinced that the collaboration between X-Elio and ReneSola will enhance our position in North America."

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (SOL) is an international leading brand of solar project developer and operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

About X-Elio

X-ELIO (www.X-ELIO.com) is a company specialized in the development, construction, operation and maintenance of solar plants with a presence in the United States, the Middle East, Japan, South Africa, Latin America (Mexico and Chile among others), Australia, Southeast Asia, Italy and Spain. In 2018 it achieved a revenue in excess of €130M.  The firm has accumulated experience in the construction of solar plants of more than 1.1GW, it currently has 23 PV plants in operation in 13 countries. The group is a global leader in renewable and sustainable energy, with a strong commitment to the reduction of greenhouse gases and the fight against climate change.

Safe Harbor Statement

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