ReneSola Power Closes Sale of 10 MW of Solar Projects in Utah
ReneSola Ltd. (NYSE: SOL) announced the successful sale of a 10 MW solar project portfolio to Greenbacker Renewable Energy Company. This portfolio, located in Utah, consists of three ground-mounted sites at the Notice to Proceed (NTP) stage, allowing Greenbacker to finalize construction. The sale, which was not included in previous Q1 guidance, is expected to positively impact financial results for the first quarter of 2021. CEO Yumin Liu noted a strategic shift to focus on pre-construction sales to enhance profitability and project pipeline growth.
- Sale of 10 MW solar portfolio expected to positively impact Q1 2021 results.
- Shift in sales strategy to focus on NTP stage, enhancing profitability.
- Successful partnership with Greenbacker, potentially leading to future collaborations.
- None.
STAMFORD, Conn., April 8, 2021 /PRNewswire/ -- ReneSola Ltd. ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it closed the sale of an approximately 10 MW portfolio of solar development projects to Greenbacker Renewable Energy Company ("Greenbacker"). The sale continues a successful track record in North America. This sale will positively contribute to 1Q 2021 results and was not in the original first quarter guidance.
The portfolio consists of three ground-mounted commercial distributed generation sites located in Utah. The projects are so-called "behind the meter" and will sell electricity directly to two off-take parties. The projects are being sold at the "Notice to Proceed" (NTP) stage, and Greenbacker will complete the construction and retain long-term ownership.
Mr. John Ewen, CEO of ReneSola Power North America, commented, "Greenbacker will be an excellent partner in this portfolio, and we are thrilled to close the sale transaction. We look forward to collaborating with them on other opportunities."
Mr. Yumin Liu, Group Chief Executive Officer of ReneSola Power, commented: "This transaction reconfirms our focus on profitability. As we add the most value from greenfield inception to NTP-ready during the development cycle, we are shifting the mix of sales timing from COD (post-construction) to more at NTP (pre-construction). This capital efficient strategy allows us to focus on growing our quality project pipeline while maintaining healthy margins."
"It's extremely rewarding to be part of expanding renewable energy access in Utah," said Charles Wheeler, CEO of Greenbacker. "ReneSola Power were a pleasure to partner with, and their extensive experience was a clear benefit in originating these solar projects. We look forward to working with them again on future sustainable energy endeavors."
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 Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company (GREC) is a publicly reporting, non-traded limited liability company that acquires and manages income-generating renewable energy and other energy-related businesses. Our business objective is to generate attractive risk-adjusted returns for our investors, consisting of both current income and long-term capital appreciation. We do this by acquiring and financing the construction and operation of income-generating renewable energy and sustainable development projects, primarily within North America. GREC invests in a diversified portfolio of income-producing renewable energy power facilities that sell long-term electricity contracts to off-takers with high credit quality, such as utilities, municipalities, and corporations.
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SOURCE ReneSola Ltd.
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