STAMFORD, Conn., Dec. 23, 2020 /PRNewswire/ -- ReneSola Ltd (NYSE:
SOL) ("ReneSola Power" or the "Company"), a leading
fully-integrated solar project developer today announced that it
entered into an agreement to sell two ground-mounted solar parks in
Romania with a combined capacity
of 15.4 MW to Alternus Energy Group plc, pan-European Independent
Power Producer (IPP).
The two ground-mounted solar projects include a 9.4 MW solar
park located in the municipality of Costestii din Vale in Dambovita
county and a 6 MW solar park located in the municipality of
Dumbrava in Prahova county. The 9.4 MW plant is operated by Ecosfer
Energy SRL, and the 6 MW plant is operated by Lucas Est SRL. Both
Ecosfer Energy and Lucas Est SRL are special purpose vehicles
("SPVs") that have been set up for the purpose of managing the
construction and operation of the solar plants and the production
of electricity.
Alternus Energy expects to acquire the project-based SPVs
associated with the 15.4 MW operating assets, which are owned by
Luxemburg-domiciled Renesola New
Energy S.A.R.L, ReneSola Power's subsidiary that holds the
Company's projects in Romania.
Alternus Energy's acquisition of those two projects will be funded
by the proceeds from the senior secured green bond and equity that
it has recently issued.
Mr. Yumin Liu, Chief Executive
Officer of ReneSola Power, commented, "We are excited to partner
with Alternus Energy, and look forward to future collaboration. The
proceeds from the sale of the operating assets will enable us to
generate strong cash flow, realize profits and further strengthen
our financial position. We have a strong pipeline of project
activity. We look forward to pursuing other opportunities to
develop, build and monetize solar projects globally, and believe
our strategy resonates well with the development trend of solar
energy."
Mr. Vincent Browne, Chief
Executive Officer of Alternus Energy Group, commented, "The
acquisition of these projects from Renesola Power will increase our
existing presence in Romania where
we have operated for over 6 years now. These solar parks form part
of our immediate 109 MW expansion across Romania, Italy and Poland, bringing our total operating portfolio
to nearly 140 MW with an additional 1GW of projects in identified
pipeline today. This also marks our first transaction with the
Renesola Power team, and we look forward to many more successful
acquisitions from the team as they complete their current and
future pipelines."
About ReneSola Power
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola Power (NYSE: SOL) is an international leading brand
of solar project developer. Leveraging its global presence and
solid experience in the industry, ReneSola Power is well positioned
to develop green energy projects with attractive return around the
world. For more information, please visit
www.renesolapower.com.
About Alternus Energy Group plc
Alternus Energy Group plc is a pan-European IPP who owns and
operates a portfolio of utility-scale solar photovoltaic
parks that connect directly to national power grids. The
company has operational solar parks in Germany, Italy, Romania, and the
Netherlands. The company is headquartered in Dublin, Ireland. For more information, please
visit www.alternusenergy.com
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SOURCE ReneSola Ltd.