ReneSola Announces Sale of 13MW of Project Rights in Poland

Source Company Press Release
Company ReneSola Ltd., SUNfarming GmbH
Tags Country: Poland, M&A: Asset Deal, Deals, Renewables: Renewables News, Segment: Power
Date November 25, 2019

ReneSola Ltd ("ReneSola" or "the Company") ( (NYSE: SOL), a leading fully integrated solar project developer, today announced the sale of 13MW of project development rights to SUNfarming Polska Asset 4 sp.z o.o. ("SUNfarming"), a Wroclaw-based investor with in-house project development and EPC provider and a company of the SUNfarming Group Germany.

In November 2018, ReneSola was awarded 26 solar utility projects in Poland with capacity of 1 MW each. The 13MW of project rights sold are part of those 26 solar projects awarded to ReneSola. All of the 26 projects are under Poland's Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff of PLN 354.8-358.8/MWh, close to the highest auction price of PLN 364.9/MWh.

Mr. Josef Kastner, CEO of ReneSola's European Region, commented, "Our European team continues its strong execution momentum. This sale of project rights to SUNfarming demonstrates our ability to develop and monetize solar projects across different geographies and project stages, and strengthens our leadership position in Poland. We are optimistic about our opportunities in Eastern Europe, where a supportive regulatory and financing environment makes it one of the most attractive markets globally."

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