ReneSola Ltd, a solar project developer, announced recently that it had completed a 21.05-megawatt solar installation. The commercial operation of this site has brought another new Minnesota community solar project online. Developed by ReneSola, the project was part of a portfolio sold off to Nautilus Solar Energy, LLC earlier in the year. Nautilus is best known for its asset management and development of solar projects.
The new Minnesota community solar project by ReneSola qualifies for Xcel Energy’s solar program. This allows Xcel Energy customers to benefit from the electricity generated by the site in the form of monthly cost savings on utility bills. ReneSola’s installation will also progress the state’s goal of reaching 10% solar energy by 2030.
ReneSola CEO, Yumin Liu, spoke about the completed project, stating that it will generate positive cash flow and contribute to the company’s EBITDA, or its profitability. He continues by touting community solar and its rise in the United States along with ReneSola’s own future strategy.
Nautilus president Jeffrey Cheng extended kind words to ReneSola, confirming that the two have worked together on nearly 50 megawatts of solar installations for the past seven years. Cheng alluded to additional projects coming to Minnesota, but didn’t give any details. He did reveal that Nautilus will have more community solar projects coming online through 2021.
ReneSola is a global operation and project developer that focuses primarily on solar installations, working primarily with construction and financing. The company has teams located in more than 10 counties, with a presence in Poland, the United States, and Hungary. ReneSola typically follows high-margin developments for increased return.
Nautilus Solar Energy is a 14-year old solar investor based out of Canada. Owned by Power Energy Corporation, Nautilus has a presence in countries around the world. The company specializes in solar acquisition, operations, and asset management.