ReneSola Power Announces Closing of Sale of 15 MW Portfolio in Hungary to Obton

PVTIME – ReneSola Ltd ("ReneSola Power" or the
"Company") (
(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."