PVTIME - ReneSola Ltd (NYSE: SOL) ("ReneSola Power" or the "Company") announced that it entered into an agreement to sell two ground-mounted solar parks in Romania with a combined capacity of 15.4 MW to Alternus Energy Group plc, pan-European Independent Power Producer (IPP).
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") that have been set up for the purpose of managing the construction and operation of the solar plants and the production of electricity.
Alternus Energy expects to acquire the project-based SPVs associated with the 15.4 MW operating assets, which are owned by Luxemburg-domiciled Renesola New Energy S.A.R.L, ReneSola Power's subsidiary that holds the Company's projects in Romania. Alternus Energy's acquisition of those two projects will be funded by the proceeds from the senior secured green bond and equity that it has recently issued.
Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, "We are excited to partner with Alternus Energy, and look forward to future collaboration. The proceeds from the sale of the operating assets will enable us to generate strong cash flow, realize profits and further strengthen our financial position. We have a strong pipeline of project activity. We look forward to pursuing other opportunities to develop, build and monetize solar projects globally, and believe our strategy resonates well with the development trend of solar energy."
Mr. Vincent Browne, Chief Executive Officer of Alternus Energy Group, commented, "The acquisition of these projects from Renesola Power will increase our existing presence in Romania where we have operated for over 6 years now. These solar parks form part of our immediate 109 MW expansion across Romania, Italy and Poland, bringing our total operating portfolio to nearly 140 MW with an additional 1GW of projects in identified pipeline today. This also marks our first transaction with the Renesola Power team, and we look forward to many more successful acquisitions from the team as they complete their current and future pipelines."