– Completes Sale Despite COVID-19 Crisis
STAMFORD, Conn.: ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the closing of the sale of a 15 MW portfolio of solar projects located in Hungary to Obton, a leading international solar investment company headquartered in Aarhus, Denmark.
The portfolio comprises 25 solar plants under construction in three municipalities of Bicske, Boldog and Cegled, with a combined capacity of 15 MW. These 25 small-scale ground-mounted projects are qualified under the Hungarian 25-year KAT feed-in tariff scheme and are expected to be grid-connected in the second quarter of 2020.
In connection with the transaction, the financing bank OTP Bank Plc. provided project financing and approved Obton as the new 100% owner of the project assets.
Mr. Anders Marcus, CEO and Co-founder of the Obton Group, stated, “This represents the second portfolio in Hungary we acquired from Renesola Power. We look forward to collaborating with them on other opportunities in the near future.”
Mr. Josef Kastner, CEO of ReneSola Power European Region, commented, “Our partnership with Obton remains stronger than ever in spite of a difficult environment. With our solid network and professional team in place, we look forward to leveraging our expertise and collaborating with our partners on future projects in Hungary and other regions of Europe.”
Mr. Yumin Liu, Group CEO of Renesola Power, commented, “Despite challenging market conditions related to the COVID-19 pandemic, we demonstrated strong execution on our strategy and completed the sale of our portfolio to Obton, generating strong operating cash flow for us. We are proud of our team, and we would also like to thank our partners for their contributions to our success.”
Obton is an investment and management company specialized in renewable projects. Obton represents retail investors and manages a rapid growing PV-portfolio of more than 870 MWp with an enterprise value of EUR 1.7 billion. The plants are primarily located in France, Italy, Germany, Belgium and the Netherlands.
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.