ReneSola Power Announces Award of 20-Year Renewable Energy Credit Contracts for Two Solar Projects in New York and Illinois

STAMFORD, Conn., June 13, 2022 /PRNewswire/ — ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading developer of fully integrated solar projects, today announced that it has been awarded 20-year indexed renewable energy credit (REC) contracts for two solar projects.

(PRNewsfoto/ReneSola Ltd.)

20 MW solar and 2 MW battery storage project in Massena, New York: On June 2, 2022the New York State The Energy Research and Development Authority (“NYSERDA”) has selected ReneSola Power’s 22 MW”Solar Roosevelt“project in Massena, New York to be one of 22 projects that are among the largest onshore renewable energy projects in state history. ReneSola Power was awarded a 20-year indexed REC contract under the state’s Renewable Program with the goal of achieving the New York one goals to exceed 70% renewable energy by 2030 and zero emissions by 2040, as required by the Climate Leadership and Community Protection Act[1].

20 MW solar project in Wilmington, Ill.: On May 12, 2022the Illinois Commerce Commission (“ICC”) has awarded a 20-year indexed REC contract to ReneSola Power’s 20 MW utility-scale solar project at Wilmington, Ill. as part of the state’s commitment to double renewable energy investment toward its goal of 40% renewable energy by 2030 and 50% by 2040.

The new REC program in Illinois and the existing program in New York are laying the groundwork for what the future of renewable energy could look like through United States. These are great examples of how states can achieve their aggressive renewable energy portfolio standard goals, while creating jobs and economic benefits for local communities.

Mr. Yumin Liu, Chairman and CEO of ReneSola Power, said, “We are very pleased and honored that our two large-scale solar projects in New York and Illinois have obtained REC contracts. The solar industry continues to benefit from the acceleration of the green energy transition to combat climate change. Our projects are consistent with our environmental, social and governance practices, meaning they will not only contribute to state-level renewable energy goals, but will also impact local communities by creating jobs.”

About ReneSola Power

ReneSola Power (NYSE: SOL) is one of the world’s leading developers and operators of solar projects. The Company focuses on the development of solar energy projects, construction management and project finance services. With local professional teams in more than 10 countries around the world, the company is spread across a number of regions where solar power project markets are growing rapidly and can support that growth with improved clarity of government policies. The Company’s strategy is to seek high-margin project development opportunities in these profitable and growing markets; specifically, in the United States and Europewhere the Company has a leading market position in several geographies, including Poland, Hungary, Minnesota and New York. For more information, please visit www.renesolapower.com.

[1] Source: https://www.nyserda.ny.gov/All-Programs/clean-energy-standard

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SOURCE ReneSola Ltd.