ReneSola Power Provides Updates on Project Development and Expands Presence in Spain

PVTIME – ReneSola Ltd (“ReneSola Power” or the “Company”) ( (NYSE: SOL) announced that it recently received the environmental approval for its 12 MW solar plant located in the municipality of Caravaca in the region of Murcia in Southern Spain.

The environmental approval is a key milestone towards bringing the project to the “ready-to-build” phase. Construction is expected to begin in early 2022. The Caravaca project is the most advanced project in ReneSola Power’s 350 MW pipeline of projects at different development stages in Spain.

Additionally, the Company has opened a sales and business development office in Madrid, Spain to expand its sales network and customer service capabilities in the region.

Ms. Chloé Durieux, Director for Spain and France at Renesola Power, commented, “Spain is a promising market for large-scale solar development, where Renesola Power has built strong capabilities in the last few years. We are excited to obtain the positive outcome of the environmental decision for this first project with high irradiation and favorable connection conditions. This achievement demonstrates Renesola Power’s success in driving attractive investments in this competitive market.”

Mr. Josef Kastner, CEO of ReneSola Power European Region, said, “From a power generation standpoint, Spain intends to switch to 100% renewable energy sources by 2050, and Renesola Power is positioned to be part of this energy transition. We have established strong partnerships, enabling us to successfully develop solar projects in the country. In addition, Spain is a key market for solar power, and having a strong presence in the country with the opening of the Madrid office is a strategic move for us.  We are proud of our team, and believe we are well-positioned to drive growth in the years ahead.”