ReneSola Ltd, a leading fully integrated solar project developer, recently announced that it acquired a 50 MWp operational solar farm located in Branston, Lincoln, United Kingdom from P&T Global Renewable Energy LTD. The transaction was completed on September 30, 2022. Project Branston’s 50 MWp solar farm has been operational since October 12, 2020, and is currently generating a highly attractive annualized yield of 1,011 MWh/MWp.
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, “We are extremely excited to commence our asset-light, IPP business in Europe with the acquisition of Project Branston. This fully operational solar farm will be profitable on day one and provide stable cash flows and helps diversify risks from project sales. We anticipate the acquisition to further strengthen our market position in Europe and will be accretive to our shareholders. This will be a new chapter of our company to enter into IPP business in Europe and contribute to energy alleviation of Europe energy crisis.”
The Company’s focus is on project financing, construction management, and solar power project development. The business has local teams in over 10 countries. This allows it to be present in a number of areas where solar power market growth is rapid and can sustain this growth through improved government policies.