ReneSola Power Closes Sale of 38 MW of Projects in Poland to Obton

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) has successfully closed the sale of a 38 MW solar project portfolio in Poland to Obton, a prominent Danish solar investment firm. The portfolio includes 38 utility projects, each with a capacity of 1 MW, secured during Poland's solar auction in December 2020. These projects are eligible for a guaranteed 15-year tariff under the country's Contract for Difference regime and are expected to be grid-connected within a year. ReneSola will handle EPC management and financing until the projects reach commercial operation.

Positive

• Successful sale of 38 MW solar portfolio in Poland enhances liquidity.
• Projects eligible for a 15-year guaranteed tariff providing financial stability.
• ReneSola retains management responsibilities for project delivery, ensuring control over execution.

Negative

• None.

STAMFORD, Conn., July 1, 2021 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated global solar project developer, today announced the closing of the sale of a 38 MW portfolio of solar projects located in Poland to Obton, a leading international solar investment company headquartered in Aarhus, Denmark.

The portfolio comprises 38 solar utility projects in Poland with capacity of 1 MW for each. These projects were awarded to ReneSola Power in the country's solar power auction in December 2020. 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 "Notice to Proceed" (NTP) stage. However, upon closing of 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, "We are thrilled to once again work with Obton to complete this transaction, and we look forward to collaborating in the near future. Importantly, we have worked diligently to execute on our strategy and optimize our solar assets through strategic sales. I am proud of our team's achievement!"

ReneSola Power CEO Yumin Liu added, "We continue to drive project development activity, and consistently demonstrate our expertise in developing and operating solar projects, closing financing transactions and monetizing projects to generate profits in the downstream segment of the solar industry across Europe. This transaction further solidifies ReneSola Power's market position in Poland, and we believe we are in an excellent position to drive 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.

About Obton

Obton is a Danish solar investor and developer with more than 10 years of experience in the solar PV market. Obton was one of the first investment companies to see the opportunities in solar PV systems, and today Obton is one of Europe's largest providers of investments in renewable solar energy, with EUR 2,4 billion in investments under administration and management of more than 1.2 GW of installed capacity. 

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SOURCE ReneSola Ltd.

FAQ

What solar projects did ReneSola sell in Poland?

ReneSola sold a 38 MW portfolio comprising 38 utility solar projects, each with a capacity of 1 MW.

What is the significance of the Contract for Difference for the sold projects?

The projects benefit from a guaranteed 15-year tariff under Poland's Contract for Difference, ensuring stable revenue.

When were the solar projects in Poland awarded to ReneSola?

The projects were awarded during Poland's solar auction in December 2020.

Who did ReneSola sell its solar projects to?

ReneSola sold its solar projects to Obton, a leading international solar investment company.

What responsibilities does ReneSola have after the sale of the projects?

ReneSola will manage EPC and project financing, leading up to the projects' commercial operation.