ReneSola Power Closes Sale of 12.3 MW of Projects in Hungary

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) has completed the sale of a 12.3 MW portfolio of solar projects in Hungary to Obton, an international solar investment company. This transaction, which was originally disclosed on January 8, 2021, closed on March 19, 2021. The portfolio consists of 20 solar plants across five locations, including Sárbogárd, Kömlöd, Szajol, Lukacshaza, and Törökszentmiklós, all successfully connected to the grid in 2020 and qualifying under Hungary's 25-year KAT feed-in tariff scheme.

Positive

• Sale of a 12.3 MW solar project portfolio enhances cash flow and financial position.
• Projects are operational and qualified under a stable feed-in tariff scheme, ensuring long-term revenue.

Negative

• None.

STAMFORD, Conn., April 1, 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 a portfolio of projects originally disclosed on January 8, 2021. The projects are in Hungary and were sold to Obton, a leading international solar investment company headquartered in Aarhus, Denmark. The sale closed on March 19, 2021.

The portfolio comprises 20 solar plants in five locations, including Sárbogárd, Kömlöd, Szajol, Lukacshaza, and Törökszentmiklós, with a combined capacity of 12.3 MW. These 20 solar projects, which were successfully connected to the grid in 2020, are now in operation and are qualified under the Hungarian 25-year KAT feed-in tariff scheme.

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 OBTON

Obton is an investment and development company that targets land and rooftop owners, developers and financial institutions with the goal of building a broad and risk-diverse portfolio of assets in the field of renewable energy. Our expertise includes development, funding and management of solar PV projects - primarily projects starting from EUR 10m for stable markets in Europe and North America.

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SOURCE ReneSola Ltd.

FAQ

What solar projects did ReneSola sell?

ReneSola sold a portfolio of 20 solar projects with a combined capacity of 12.3 MW located in Hungary.

Who purchased the solar projects from ReneSola?

The projects were sold to Obton, an international solar investment company.

When did ReneSola announce the sale of its solar projects?

ReneSola announced the sale on January 8, 2021, and it closed on March 19, 2021.

How many locations are involved in the ReneSola solar project sale?

The projects are located in five places: Sárbogárd, Kömlöd, Szajol, Lukacshaza, and Törökszentmiklós.

What is the significance of the Hungarian KAT feed-in tariff for ReneSola's projects?

The solar projects qualify under Hungary's 25-year KAT feed-in tariff scheme, ensuring predictable revenue.