ReneSola Ltd. (NYSE: SOL) disclosed that it has inked a strategic partnership agreement with Emeren. Both the firms have joined hands to co-develop ground-mounted solar projects in Italy. The pipeline of various deals is planned for 2021. As per the agreement, ReneSola Power and Emeren will build projects in a wide range of sizes across the country. Both the partners have set the target of achieving 110 MW shovel-ready projects by 2022.

ReneSola and Emeren both have this view that this strategic partnership will further reinforce their position in the Italian market. ReneSola is pledging to speed up solar development in Europe. By establishing relations with Emeren, SOL anticipates launching high-quality projects in the Italian market.

Furthermore, Emeren also has positive views about this partnership as the firm now shares a common goal with an international player. Emeren disclosed that this partnership has underscored the struggle of the firm towards the expansion of the positive impact of Emeren in the solar market.

In addition to this, the co-development accord with Emeren supports the SOL growth strategy. It also allows the firm to increase its project development activities in Italy. The firm is looking forward to engaging in other opportunities to co-develop projects across Europe.

Emeren has gained recognition as a London, UK-based project developer dedicated to the development of renewable energy power plants in Europe and other international markets. On the other hand, SOL has garnered a reputation as a prominent global solar project developer and operator. The firm aims at solar power project development, construction management, and project financing services.