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ReneSola Announces Sale of 13MW of Project Rights in Poland

November 25, 2019
ReneSola Logo. (PRNewsFoto/ReneSola Ltd) (PRNewsfoto/ReneSola Ltd.)
ReneSola Logo. (PRNewsFoto/ReneSola Ltd) (PRNewsfoto/ReneSola Ltd.)

SHANGHAI, Nov. 25, 2019 /PRNewswire/ -- ReneSola Ltd (“ReneSola” or “the Company”) ( www.renesolapower.com ) (NYSE: SOL), a leading fully integrated solar project developer, today announced the sale of 13MW of project development rights to SUNfarming Polska Asset 4 sp.z o.o. (“SUNfarming”), a Wroclaw-based investor with in-house project development and EPC provider and a company of the SUNfarming Group Germany.

In November 2018, ReneSola was awarded 26 solar utility projects in Poland with capacity of 1 MW each. The 13MW of project rights sold are part of those 26 solar projects awarded to ReneSola. All of the 26 projects are under Poland’s Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff of PLN 354.8-358.8/MWh, close to the highest auction price of PLN 364.9/MWh.

Mr. Josef Kastner, CEO of ReneSola’s European Region, commented, “Our European team continues its strong execution momentum. This sale of project rights to SUNfarming demonstrates our ability to develop and monetize solar projects across different geographies and project stages, and strengthens our leadership position in Poland. We are optimistic about our opportunities in Eastern Europe, where a supportive regulatory and financing environment makes it one of the most attractive markets globally.”

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

About SUNfarming

Founded in 2004, SUNfarming covers the entire project development and engineering, procurement, and construction (EPC) value chain, starting with the planning, development and financing of the construction to the monitoring and maintenance of solar parks and related concepts such as agro-photovoltaic and e-mobility. The company has a long-standing customer base that includes capital investors, municipalities, users of commercial and private proprietary power plants, as well as sister companies of the Schrum-Tauschke corporate family investing in solar energy systems.

The international team of experienced merchants, engineers and technicians has achieved a plant output of more than 600 MWp. SUNfarming conducts technical management of more than 300 MWp of solar projects in Germany and abroad.

www.sunfarming.de

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SOURCE ReneSola Ltd.