ReneSola Power Closes Sale of 70 MW of Solar Projects in Pennsylvania

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) has successfully closed the sale of a ~70 MW portfolio of solar projects to AB CarVal Investors. This portfolio includes three ground-mounted utility scale projects located in Pennsylvania, currently at the Notice to Proceed (NTP) stage. AB CarVal will oversee construction and long-term ownership. This transaction marks the largest scale single site project sales for ReneSola in the U.S. to date, underscoring the company's commitment to solar development and strong partnerships.

Positive

• Closed sale of a ~70 MW solar portfolio, enhancing revenue streams.
• Largest scale single site project sales in the U.S. for ReneSola.
• Stable partnership with AB CarVal, facilitating future collaboration.

Negative

• None.

STAMFORD, Conn., Oct. 3, 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 the sale of a ~70 MW portfolio of solar development projects to funds managed by AB CarVal Investors L.P. ("AB CarVal"), an alternative investment fund headquartered in Minneapolis, Minnesota.

The portfolio consists of three ground-mounted utility scale projects in Pennsylvania located in the broader PJM transmission territory. The projects are being sold at the "Notice to Proceed" (NTP) stage, and AB CarVal will complete the construction and retain long-term ownership. 

Mr. Yumin Liu, ReneSola Power's Chief Executive Officer commented, "We continue to successfully execute our NTP sale strategy in one of our most important markets, United States. AB CarVal is an excellent partner in this portfolio, and we are thrilled to close this transaction. We look forward to collaborating with them on future opportunities."

Mr. John Ewen, CEO of ReneSola Power North America, commented, "These are the largest scale single site project sales in the U.S. for ReneSola Power to date and represent years of commitment to utility solar development in this market. Project development is complicated and AB CarVal demonstrated patient and steadfast commitment through the process."

"It's rewarding to be part of expanding renewable energy access in the U.S.," said Jerry Keefe, Principal at AB CarVal. "ReneSola Power is a great partner to work with, and their extensive experience was a clear benefit in originating these solar projects. We look forward to collaborating 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 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 AB CarVal

AB CarVal is an established global alternative investment manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, AB CarVal's team has navigated through ever-changing credit market cycles, opportunistically investing $138 billion in 5,655 transactions across 82 countries. Today, AB CarVal has approximately $16 billion* in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Since 2017, AB CarVal has deployed over $3.0 billion in clean energy investments. For more information, please visit www.abcarval.com.

*As of June 30, 2022. AUM is comprised fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes capital that is committed to an AB CarVal Fund but is currently uncalled or recallable.

 

 

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SOURCE ReneSola Ltd.

FAQ

What did ReneSola announce on October 3, 2022?

ReneSola announced the closing of a ~70 MW portfolio sale of solar projects to AB CarVal Investors.

What is the significance of the solar project sale for ReneSola (SOL)?

This sale represents the largest scale single site project sales in the U.S. for ReneSola to date.

What type of projects are included in the sale by ReneSola?

The sale includes three ground-mounted utility scale solar projects located in Pennsylvania.

Who will complete the construction of the solar projects sold by ReneSola?

AB CarVal will complete the construction and retain long-term ownership of the projects.

How does this sale impact ReneSola's market position in the U.S.?

The sale reinforces ReneSola's commitment to solar development and strengthens its market position in the U.S.