ReneSola Power Closes Sale of 24 MW Project in the UK to Innova

Rhea-AI Summary

ReneSola Power (NYSE: SOL) announced the sale of a 24MW solar-plus-storage project in West Oxfordshire, England, to Innova. This 'Ready to Build' project is part of ReneSola's over 200 MW project pipeline in the UK, designed for a 40-year operation. The deal strengthens ReneSola's market position in the UK and aligns with Innova's strategy to develop renewable energy projects. The project will provide renewable energy to approximately 7,800 homes, enhancing local biodiversity and benefiting the community.

Positive

• Completed sale of 24MW solar-plus-storage project, enhancing market presence in the UK.
• Project to supply renewable energy to about 7,800 homes, contributing to community benefits.
• Part of a broader pipeline of over 200 MW in the UK, indicating ongoing business development.

Negative

• None.

STAMFORD, Conn., April 1, 2022 /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 a sale of 24MW solar-plus-storage project ("Project") in the UK to Innova, a company that invests in and operates renewable energy assets, with a focus on utility-scale ground mounted solar plants and battery energy storage sites, located in the UK.

The Project is a solar farm site located south of Witney in West Oxfordshire, England. The Project is being sold at the "Ready to Build" (RtB) stage, with the development designed to operate for around 40 years.

The Project is a solar-plus-storage ground-mounted project, among ReneSola Power's over 200 MW pipeline of projects with different expected sales year in the UK.

Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, "We are excited to complete the transaction with our strategic partner Innova. For us, UK is one of the most attractive markets in Europe. The transaction not only further strengthened our leading position in the UK, but also marked another success in our track record of developing, operating and monetizing projects when growing presence in Europe."

Mr. Robin Dummett, Co-founder and Director of Innova, added, "We are delighted to have worked with Renesola Power on this transaction. The Ducklington solar project is part of our long-term strategy to build and operate renewable energy projects across the UK. This project will deliver up to an initial 24MWp of clean renewable energy to West Oxfordshire, powering around 7,800 homes and will deliver significant biodiversity improvements, whilst giving back to the local community."

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.

About Innova

Innova group is one of the UK's leading integrated developer and operator renewable energy companies focusing on ground mounted and energy storage assets in the UK, with a pipeline of over 1GW DNO connected sites, currently in development or under construction. Innova's long term mission is to create utility scale renewable energy projects using multi-technologies and to take large energy intensive users off-grid. The Company provides a range of innovative long-term renewable energy solutions, positively improving the environment and benefiting the local community. Innova is the smart future of green energy.

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SOURCE ReneSola Ltd.

FAQ

What solar project did ReneSola Power sell recently?

ReneSola Power sold a 24MW solar-plus-storage project in West Oxfordshire, England.

What impact will the 24MW project have on the local community?

The project is expected to provide renewable energy to around 7,800 homes and enhance local biodiversity.

Who purchased the solar project from ReneSola Power?

The solar project was purchased by Innova, a company focused on renewable energy assets in the UK.

How long is the solar project designed to operate?

The project is designed to operate for approximately 40 years.

What is the significance of this project for ReneSola Power?

This sale strengthens ReneSola's position in the attractive UK market and is part of its strategy to grow in Europe.