ReneSola Power Acquires 50 MWp Fully Operational Solar Farm in the United Kingdom and Commences its IPP business in Europe

PVTIME – ReneSola Ltd (“ReneSola Power” or the “Company”) ( (NYSE: SOL), a leading fully integrated solar project developer, announced on September 30 that it acquired a 50 MWp operational solar farm (“Project Branston”) located in Branston, Lincoln, United Kingdom from P&T Global Renewable Energy LTD. The transaction was completed on September 30, 2022. Project Branston’s 50 MWp solar farm has been operational since October 12, 2020 and is currently generating a highly attractive annualized yield of 1,011 MWh/MWp.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, “We are extremely excited to commence our asset-light, IPP business in Europe with the acquisition of Project Branston. This fully operational solar farm will be profitable on day one and provides stable cash flows and helps diversify risks from project sales. We anticipate the acquisition to further strengthen our market position in the Europe and will be accretive to our shareholders. This will be a new chapter of our company to enter into IPP business in Europe and contribute to energy alleviation of Europe energy crisis.”