ReneSola Power Closes Sale of 15.4 MW of Solar Assets in Romania
ReneSola Ltd (NYSE: SOL) announced the sale of two solar parks in Romania, totaling 15.4 MW, to Alternus Energy Group. The transaction, which closed in December 2020, is expected to improve the company's financial standing. The sale generated €24 million, enhancing cash flow and profitability. The solar parks include a 9.4 MW facility in Dambovita county and a 6 MW facility in Prahova county, both operated by special purpose vehicles. CEO Yumin Liu expressed optimism about future collaborations with Alternus Energy.
- Generated €24 million from the sale enhancing cash flow.
- Improved financial position and profitability from the transaction.
- Future growth opportunities in European markets highlighted by CEO.
- None.
STAMFORD, Conn., March 25, 2021 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today disclosed the sale of two ground-mounted solar parks in Romania totaling 15.4 MW to Alternus Energy Group plc, a pan-European Independent Power Producer (IPP). The sale closed in December 2020 and will be reflected in fourth quarter 2020 results. Payment of
The two ground-mounted solar projects include a 9.4 MW solar park located in the municipality of Costestii din Vale in Dambovita county and a 6 MW solar park located in the municipality of Dumbrava in Prahova county. The 9.4 MW plant is operated by Ecosfer Energy SRL, and the 6 MW plant is operated by Lucas Est SRL. Both Ecosfer Energy and Lucas Est SRL are special purpose vehicles ("SPVs") set up to manage the construction and operation of the solar plants and the production of electricity.
Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented: "Alternus Energy is a valuable partner for us, and we look forward to building on this transaction and pursuing future opportunities together. The sale proceeds enabled us to generate strong cash flow, realize meaningful profits and further strengthen our financial position. We are proud of our team's execution, and believe we are well-positioned to grow in important European markets like Romania."
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 Alternus Energy Group plc
Alternus Energy Group plc is a pan-European IPP who owns and operates a portfolio of utility-scale solar photovoltaic parks that connect directly to national power grids. The company has operational solar parks in Germany, Italy, Romania, and the Netherlands. The company is headquartered in Dublin, Ireland. For more information, please visit www.alternusenergy.com.
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SOURCE ReneSola Ltd.
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