PVTIME – ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, announced on October 3 that it closed the sale of a ~70 MW portfolio of solar development projects to funds managed by AB CarVal Investors L.P. (“AB CarVal”), an alternative investment fund headquartered in Minneapolis, Minnesota.
The portfolio consists of three ground-mounted utility scale projects in Pennsylvania located in the broader PJM transmission territory. The projects are being sold at the “Notice to Proceed” (NTP) stage, and AB CarVal will complete the construction and retain long-term ownership.
Mr. Yumin Liu, ReneSola Power’s Chief Executive Officer commented, “We continue to successfully execute our NTP sale strategy in one of our most important markets, United States. AB CarVal is an excellent partner in this portfolio, and we are thrilled to close this transaction. We look forward to collaborating with them on future opportunities.”
Mr. John Ewen, CEO of ReneSola Power North America, commented, “These are the largest scale single site project sales in the U.S. for ReneSola Power to date and represent years of commitment to utility solar development in this market. Project development is complicated and AB CarVal demonstrated patient and steadfast commitment through the process.”
“It’s rewarding to be part of expanding renewable energy access in the U.S.,” said Jerry Keefe, Principal at AB CarVal. “ReneSola Power is a great partner to work with, and their extensive experience was a clear benefit in originating these solar projects. We look forward to collaborating again on future sustainable energy endeavors.”