ReneSola Power Closes New Sale of Projects in Poland to Obton
ReneSola Ltd. (NYSE: SOL) announced the sale of 37 MW of solar projects in Poland to Obton, an international solar investment firm. This transaction adds to the previously reported sale of 38 MW in July 2021, resulting in a total of 75 MW sold. The projects, awarded in a September 2021 auction, are in the 'Ready to Build' stage and eligible for a 15-year guaranteed tariff under Poland's Contract for Difference regime. ReneSola will manage EPC, financing, and delivery to Obton. The company anticipates profitable growth in Poland in the coming quarters.
- Closed sale of 37 MW solar projects in Poland, totaling 75 MW sold.
- Projects eligible for a 15-year guaranteed tariff under Poland's CFD regime.
- ReneSola to manage EPC and project financing, ensuring delivery at COD stage.
- Anticipates profitable growth in Poland amid strong market conditions.
- None.
STAMFORD, Conn., Jan. 6, 2022 /PRNewswire/ -- ReneSola Ltd. ("ReneSola Power" or "the Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that in December, 2021, The Company closed on the sale of 37 MW of solar projects located in Poland to Obton, a leading international solar investment company headquartered in Aarhus, Denmark. The 37 MW portfolio is in addition to the 38 MW sale to Obton announced in July 2021, for a combined total of 75 MWs.
The portfolio comprises 37 solar utility projects across Poland with capacity of 1 MW each for 33 MW and a 4 MW project. The projects were awarded to ReneSola Power in the country's solar power auction in September 2021. The projects are qualified under Poland's Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff and are expected to be grid-connected within the next year.
The projects are being sold at the "Ready to Build" (RtB) stage. Upon closing of the sale, ReneSola Power will be responsible for EPC management, project financing, and final delivery of the projects to Obton at the COD stage.
Mr. Josef Kastner, CEO of ReneSola Power European Region, commented, "This transaction marks another step in our partnership with Obton. Obton is a strong partner across all of Europe, and we look forward to future collaboration."
ReneSola Power CEO Yumin Liu added, "Our momentum in Europe demonstrates our expertise in developing and operating solar projects, closing financing transactions, and profitably monetizing projects in the region. This transaction further solidifies our leadership position in Poland, which is an especially attractive market for us. We expect Poland to produce profitable growth 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. For more information, please visit www.renesolapower.com.
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SOURCE ReneSola Ltd.
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