ReneSola Power enters agreement to sell 12 MW of projects in Spain

ReneSola Ltd. (NYSE: SOL), a fully integrated solar project developer, announced that it entered an agreement to sell a 12MWp portfolio of projects in Spain. The portfolio consists of two ground-mounted projects (collectively known as “the Caravaca Project”) located in the municipality of Caravaca de la Cruz in the southern region of Murcia. The sale will be consummated at the “ready-to-build” stage, which is planned for early 2022.

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The Caravaca Project is the most advanced Project in ReneSola Power’s over 300 MW pipeline of projects at different development stages in Spain.

The transaction is structured as a share purchase agreement with the aream Group (“aream”), an international solar investment company headquartered in Düsseldorf, Germany. The Caravaca Project is being developed by ReneSola Power and a partner, and the Project is owned by a special purpose vehicle (“SPV”) which in turn is jointly owned by ReneSola Power and its partner. In this agreement, aream will purchase the Company’s ownership position in the SPV.

Ms. Chloé Durieux, Country Director for Spain and France at ReneSola Power, noted, “We are thrilled to sell our first Project in Spain to an international investor. This achievement is the first of many we expect from our effort to build our Spanish presence over the past couple of years.”

Capcora, a German consulting company, acted as M&A advisor to ReneSola Power in this transaction.

ReneSola Ltd. announced that it entered an agreement to sell a 12MWp portfolio of projects in Spain.


Source: ReneSola Ltd.

Market: Solar Stocks

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