ReneSola Power Acquires 50 MWp Fully Operational Solar Farm in the United Kingdom and Commences its IPP business in Europe

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) has successfully acquired a 50 MWp operational solar farm, named Project Branston, located in Branston, UK from P&T Global Renewable Energy LTD. This acquisition, completed on September 30, 2022, marks the company’s entry into the independent power producer (IPP) business in Europe. The solar farm has been operational since October 2020 and generates an annualized yield of 1,011 MWh/MWp. CEO Yumin Liu stated this project will enhance cash flows, diversify risks, and strengthen the company’s market position in Europe amidst the ongoing energy crisis.

Positive

• Acquisition of 50 MWp operational solar farm enhances cash flows.
• Diversifies risks from project sales.
• Strengthens market position in the European solar sector.
• Project expected to be profitable from day one.

Negative

• None.

STAMFORD, Conn., Sept. 30, 2022 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it acquired a 50 MWp operational solar farm ("Project Branston") located in Branston, Lincoln, United Kingdom from P&T Global Renewable Energy LTD. The transaction was completed on September 30, 2022. Project Branston's 50 MWp solar farm has been operational since October 12, 2020 and is currently generating a highly attractive annualized yield of 1,011 MWh/MWp.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, "We are extremely excited to commence our asset-light, IPP business in Europe with the acquisition of Project Branston. This fully operational solar farm will be profitable on day one and provides stable cash flows and helps diversify risks from project sales. We anticipate the acquisition to further strengthen our market position in the Europe and will be accretive to our shareholders. This will be a new chapter of our company to enter into IPP business in Europe and contribute to energy alleviation of Europe energy crisis."

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across number of regions where the solar power project markets are growing rapidly and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York. For more information, please visit www.renesolapower.com.

 

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SOURCE ReneSola Ltd.

FAQ

What is Project Branston acquired by ReneSola?

Project Branston is a 50 MWp operational solar farm located in Branston, UK, acquired by ReneSola on September 30, 2022.

When was the acquisition of Project Branston completed?

The acquisition of Project Branston was completed on September 30, 2022.

How much energy does Project Branston generate?

Project Branston generates an annualized yield of 1,011 MWh/MWp.

What is the significance of the acquisition for ReneSola?

The acquisition allows ReneSola to enter the independent power producer (IPP) business in Europe, providing stable cash flows and market expansion.

How does Project Branston impact ReneSola's future growth?

Project Branston is expected to be profitable from day one and will help ReneSola diversify risks and strengthen its market position in Europe.