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Renesola rejects allegations of fraudulent activities

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.”

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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.

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Source: pv magazine