ReneSola Power Provides Updates on Project Development and Expands Presence in Spain

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) announced the environmental approval for its 12 MW solar plant in Caravaca, southern Spain, marking a vital milestone towards project initiation. Anticipating construction in early 2022, this project is the most advanced within ReneSola's 350 MW development pipeline in Spain. Additionally, the company has opened a sales office in Madrid to enhance its regional operations. Key executives highlight Spain's commitment to renewable energy by 2050 and the company's strategic growth potential in this market.

Positive

• Environmental approval received for 12 MW solar project in Caravaca, Spain.
• Project set to enter construction phase in early 2022.
• New sales office opened in Madrid, enhancing regional sales capabilities.
• Located in a favorable market with a commitment to 100% renewable energy by 2050.

Negative

• None.

STAMFORD, Conn., Oct. 4, 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 recently received the environmental approval for its 12 MW solar plant located in the municipality of Caravaca in the region of Murcia in Southern Spain.

The environmental approval is a key milestone towards bringing the project to the "ready-to-build" phase. Construction is expected to begin in early 2022. The Caravaca project is the most advanced project in ReneSola Power's 350 MW pipeline of projects at different development stages in Spain.

Additionally, the Company has opened a sales and business development office in Madrid, Spain to expand its sales network and customer service capabilities in the region.

Ms. Chloé Durieux, Director for Spain and France at Renesola Power, commented, "Spain is a promising market for large-scale solar development, where Renesola Power has built strong capabilities in the last few years. We are excited to obtain the positive outcome of the environmental decision for this first project with high irradiation and favorable connection conditions. This achievement demonstrates Renesola Power's success in driving attractive investments in this competitive market."

Mr. Josef Kastner, CEO of ReneSola Power European Region, said, "From a power generation standpoint, Spain intends to switch to 100% renewable energy sources by 2050, and Renesola Power is positioned to be part of this energy transition. We have established strong partnerships, enabling us to successfully develop solar projects in the country. In addition, Spain is a key market for solar power, and having a strong presence in the country with the opening of the Madrid office is a strategic move for us.  We are proud of our team, and believe we are well-positioned to drive growth in the years 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.

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SOURCE ReneSola Ltd.

FAQ

What recent project approval did ReneSola Ltd (SOL) receive?

ReneSola Ltd received environmental approval for its 12 MW solar plant in Caravaca, Spain.

When is construction expected to start for the Caravaca solar project?

Construction for the Caravaca solar project is expected to begin in early 2022.

What is ReneSola's project pipeline size in Spain?

ReneSola has a total project pipeline of 350 MW in different development stages in Spain.

Why is Spain important for ReneSola Ltd (SOL)?

Spain is crucial for ReneSola due to its promising market for large-scale solar development and commitment to renewable energy.

What strategic move has ReneSola made in Spain recently?

ReneSola opened a sales and business development office in Madrid to expand its operations.