STAMFORD, Conn., Dec. 28, 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 entered an agreement to sell a 12MWp portfolio of
projects in Spain. The portfolio consists of two
ground-mounted projects (collectively known as "the Caravaca
Project" or the "Project") located in the municipality of Caravaca
de la Cruz in the southern region of Murcia. The sale will be
consummated at the "ready-to-build" stage, which is planned for
early 2022.
The Caravaca Project is the most advanced project in ReneSola
Power's over 300 MW pipeline of projects at different development
stages in Spain.
The transaction is structured as a share purchase agreement with
the aream Group ("aream"), a successful international solar
investment company headquartered in Düsseldorf, Germany. The
Caravaca Project is being developed by ReneSola Power and a
partner; and the Project is owned by a special purpose vehicle
("SPV") which in turn is jointly owned by ReneSola Power and its
partner. In this agreement, aream will purchase the Company's
ownership position in the SPV.
Mr. Patrick Lemcke-Braselmann,
Managing Director of aream, commented, "ReneSola Power is a
prestigious global solar project developer doing excellent work in
Europe. This new partnership
enabled ReneSola Power to contribute to our non-profit
PowerOneForOne Foundation that supports selected rural
electrification projects in developing countries. We are excited to
grow our portfolio exposure to solar energy by adding the Caravaca
Project in Spain. This is a high quality project that will
offer us attractive returns over the life of the installation. This
transaction can definitely serve as a role model for further joint
transactions."
Ms. Chloé Durieux, Country Director for Spain and France at ReneSola Power, noted, "We are
thrilled to sell our first project in Spain to an international investor. This
achievement is the first of many we expect from our effort to build
our Spanish presence over the past couple of years."
Mr. Josef Kastner, CEO of
ReneSola Power European Region, said, "We are excited to partner
with aream, and look forward to future collaboration. I am proud of
our team's achievement and appreciate the support of our M&A
advisor Capcora."
Capcora, a German consulting company, acted as M&A advisor
to ReneSola Power in this transaction.
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 aream
The aream Group is a fully integrated investment and asset
manager for institutional investors with a focus on sustainable
infrastructure in the renewable energy sector, which includes wind
and solar power, grids and storage technology. In this context,
aream is represented along the entire value chain from project
development to plant operation. With a transaction volume of more
than EUR 1.5 billion, the company has
been covering the entire spectrum of asset management services for
over 15 years and ensures the commercial and technical optimization
of the assets. In addition to classic project investments in clean
energy, aream also offers investment opportunities in climate-tech
companies: directly or via private equity solutions. aream combines
investment expertise with technical and commercial know-how and
ensures sustainable performance with stable distributions, returns
and value growth through a structured investment and risk
management process. More information: www.aream.de.
About Capcora
Capcora is a consulting firm, specialized on real assets.
Capcora procures equity, mezzanine and debt financing for energy
and infrastructure projects, real estate, and medium sized
companies. The focus is especially on mezzanine financing for the
recapitalization of tied-up liquidity in operating assets as well
as for bridge financing of developments and construction measures
in the area of renewable energies (photovoltaics, onshore wind) and
real estate through alternative financing sources.
www.capcora.com
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SOURCE ReneSola Ltd.