ReneSola Power Announces 10 MWp Inaugural IPP Project in Hungary
ReneSola Ltd (NYSE: SOL) has successfully energized its first independent power producer (IPP) project, "Csomád 1-2," in Hungary, featuring two PV plants with a total installed capacity of 10.2 MWp, capable of powering around 4,000 households daily. This milestone marks a significant step in the company's expansion strategy within the European solar market, where it has previously commissioned 72 feed-in tariff projects totaling approximately 42 MW. The project entered commercial operation in early October 2022, highlighting ReneSola's commitment to renewable energy growth in Hungary.
- First project energized in Hungary, demonstrating the company's successful entry into the IPP market.
- Project capacity of 10.2 MWp, equivalent to powering 4,000 households daily, indicates substantial market impact.
- Supported by previous experience with 72 FIT projects totaling about 42 MW, providing a solid foundation for growth.
- Strategic positioning in a growing solar market in Europe enhances future business prospects.
- None.
STAMFORD, Conn., Oct. 20, 2022 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that the Company has energized its first inaugural IPP project in Hungary in October, 2022.
The project "Csomád 1-2" consists of two PV plants with total installed capacity of 10.2 MWp, equivalent to powering approximately 4,000 households per day. The project entered the commercial operation stage in the beginning of October, 2022.
Mr. Josef Kastner, CEO of ReneSola Power Europe commented, "Hungary is an important solar power market in Europe and a critical part of our expansion strategy. We are proud to commercialize our first inaugural IPP project in Hungary and are well-positioned to drive growth in the years ahead and become a key player in the country. I would like to thank our team for its dedication and timely execution of this solar farm."
Mr. Yumin Liu, Group Chief Executive Officer of ReneSola Power, said, "This fully operational solar farm opened a new chapter of our company starting IPP business in Hungary. Since the Company entered the Hungary market five years ago, ReneSola Power has commissioned 72 feed-in tariff (FIT) projects totaling about 42 MWs. We have also successfully developed over 100 MWs of projects to the ready-to-build (RTB) stage, with half of the portfolio under active construction. Earlier this year, we announced our initiation of IPP strategy in Europe. The 10 MWp project in Hungary is our first self-developed and self-constructed project, which is another project to our growing IPP assets in Europe, following the 50 MWp Project Branston that we recently acquired in the UK. We are committed to becoming a major contributor to the renewable energy transition in Hungary. We are looking forward to our continued growth in this country and in Europe."
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.
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