U.S.-based solar developer Renesola has rejected allegations made by a report published by New York-based Grizzly Research LLC that its PV project pipeline is smaller than it claims.
“ReneSola Power believes that the report contains inaccurate conclusions, misstatements of historical facts, errors, and superfluous opinions,” the project developer said in a short statement. “The Company is studying the report and will address the key inaccuracies with detailed explanations on its upcoming earnings conference call.”
In its report, Grizzly Research said that most of the company's PV projects in Europe do not exist.
“Our on the ground due diligence, ﬁlings review, and communications with local municipalities in Europe indicate that Renesola has been vastly misrepresenting its project development pipeline,” Grizzly Research explained. “Our research indicates that most of these projects seemingly do not exist. We were able to conﬁrm this in several cases with the local government authorities, which leads us to believe that Renesola might have fabricated projects to give the appearance of a better development pipeline and future economics.”
Grizzly Research is owned by Siegfried G. Eggert and defines itself as a company focused on producing differentiated research insights on publicly traded companies through in-depth due diligence.
In Europa, Renesola has recently announced work in Romania, Poland, and Hungary.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.