ReneSola Power Closes Sale of 15.4 MW of Solar Assets in Romania

PVTIME - ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL) today disclosed the sale of two ground-mounted solar parks in Romania totaling 15.4 MW to Alternus Energy Group plc, a pan-European Independent Power Producer (IPP). The sale closed in December 2020 and will be reflected in fourth quarter 2020 results.  Payment of €24 million was received this week.

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") set up to manage the construction and operation of the solar plants and the production of electricity.

Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented: "Alternus Energy is a valuable partner for us, and we look forward to building on this transaction and pursuing future opportunities together. The sale proceeds enabled us to generate strong cash flow, realize meaningful profits and further strengthen our financial position.  We are proud of our team's execution, and believe we are well-positioned to grow in important European markets like Romania."

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