ReneSola Announces Sale of Two Projects in Bulgaria
ReneSola Ltd., a leading brand and technology provider of energy-efficient products, recently announced that it has sold two projects in Bulgaria to Solar World Invest Fund SIF (“SWIF”). The projects, located in Sliven, are utility scale systems with capacity of 5.0 MW and 4.7 MW, respectively. SWIF is a Luxembourg-based private equity fund with investments in medium-sized solar installations around the world.
Because these projects were deemed as long-term assets on the balance sheet since end of 2013, the sale will be booked as disposal of assets, with no direct impact to the Company’s revenue. The transaction consideration is a combination of cash and assumption of project debt. Such structure of the transaction consideration reflects the Company’s focus to reduce its debt.
“Our Nove ECO and MG Solar power stations have produced attractive cash flows for us since their completions in the summer of 2012,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “However, our current project development strategy is to build and transfer select projects in order to enhance our cash flow and pay down debt. This sale is another milestone in our strategic transformation into a leading downstream developer. We look forward to additional monetizations this year as many projects are completed from our 641 MW pipeline.”