SHANGHAI, June 24, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or "the Company") (www.renesolapower.com) (NYSE: 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 (NYSE: 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

This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. Furthermore, the forward-looking statements are mainly related to the Company's continuing operations and you may not be able to compare such information with the Company's past performance or results.  The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd
Ms. Ella Li
+86 (21) 6280-9910 x206
ir@renesolapower.com

The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com

In the United States:

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com

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SOURCE ReneSola Ltd.