ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the sale of a portfolio of ground-mounted solar parks to Modus Asset Management, a Vilnius, Lithuania-based investment management company specialized in renewable energy investments.
The portfolio was developed and constructed by ReneSola Power and comprises 16 state-of-the-art projects equipped with bifacial solar panels and a combined capacity of 16 MW. All of the projects have been awarded a 15-year contract-for-difference (“CfD”) support mechanism in Poland, ensuring stability of revenue for the projects.
Mr. Josef Kastner, CEO of ReneSola Power’s European Region, commented, “We are excited to partner with Modus Asset Management, and look forward to future collaboration. Despite ongoing challenging macro conditions related to COVID-19, our European team continues to execute on our strategy and optimize our solar assets through strategic sales across different geographies. We remain optimistic about our opportunities in Eastern Europe, where a supportive regulatory and financing environment will enable us to grow in the region over the next several years.”
Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, stated, “Over the past several years, we have demonstrated our expertise in developing and operating solar projects, closing financing transactions and monetizing projects to generate profits in the downstream segment of the solar industry across Europe. Poland is a key market for solar power in Europe, and Renesola Power has become a leading project developer in the region. We are proud of our team, and believe we are well-positioned to drive more growth in the years ahead.”
Povilas Pečiulis, CEO of Modus Asset Management, said, “Having started an active investment phase in mid-2020, we have already completed several acquisitions and built valuable partnerships with a number of experienced solar developers in the region. I am delighted that an agreement has been reached with ReneSola Power, a widely known and respected developer, for acquisition of their 16 MW turnkey solar portfolio in Poland. We have ambitious investment plans for the Polish solar sector and are eager to work with project developers, support the local solar ecosystem and drive the country’s transition to clean energy generation.”
Modus Asset Management actively invests in the Polish solar market and is committed to building the portfolio in excess of 100 MW. Its investment strategy is to partner with solar project developers in Poland and acquire turnkey or operational projects with CfD support mechanism.