ReneSola Power Announces Closing of Sale of 4.3 MW Solar Projects in the UK
ReneSola Ltd (NYSE: SOL) has successfully closed the sale of a portfolio consisting of 1,509 residential rooftop solar projects in Scotland, totaling a capacity of 4.3 MW, to Atmosclear Investments Ltd. The projects have been operational since 2015 and are part of the feed-in tariff scheme. CEO Yumin Liu stated the transaction supports ReneSola's strategy to optimize solar assets for cash flow and profit generation, while also strengthening the company's balance sheet. The firm aims to capitalize on growing solar markets in the U.S. and Europe.
- Sale of 1,509 rooftop solar projects improves cash flow and strengthens balance sheet.
- Projects in the feed-in tariff scheme provide stable revenue since 2015.
- None.
STAMFORD, CT, Nov. 24, 2020 /PRNewswire/ -- ReneSola Ltd (NYSE: SOL) ("ReneSola Power" or the "Company"), a leading fully-integrated solar project developer, today announced the closing of the sale of a portfolio of operating projects located in the United Kingdom to Atmosclear Investments Ltd, an European renewable energy and cleantech private equity group.
The portfolio comprises 1,509 residential rooftop projects located in Scotland, with a combined capacity of 4.3 MW. These projects are qualified under the feed-in tariff scheme and have been operating since 2015.
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, commented, "We are excited to partner with Atmosclear Investments, and we look forward to building on this transaction and expanding our partnership with future opportunities. Importantly, we continue to execute on our strategy and optimize our solar assets through strategic sales, which enables us to generate cash flow, realize profits and further strengthen our balance sheet. We are proud of our execution, and remain optimistic about our opportunities across different geographies in the quarters ahead."
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 a 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.
About Atmosclear Investments
AtmosClear Investments is a renewable energy and clean-tech private equity group with offices in the United Kingdom and Switzerland. Atmosclear began building residential solar rooftops in 2011. Since then, the firm has acquired, operated, and maintained solar rooftop assets throughout the country. In 2018, Atmosclear Investments also acquired 9 solar farms in the South West of England for approximately
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SOURCE ReneSola Ltd.
FAQ
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