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


STAMFORD, Connecticut., December 28, 2021 / PRNewswire / – ReneSola Ltd. (“ReneSola Power” or “the Company”) (www.renesolapower.com) (NYSE: SOL), a leading developer of fully integrated solar projects, today announced that it has reached an agreement to sell a portfolio of 12 MWp projects in Spain. The portfolio consists of two ground projects (collectively referred to as “the Caravaca Project” or the “Project”) located in the Municipality of Caravaca de la Cruz, in the southern region of Murcia. The sale will be concluded at the “ready-to-build” stage, which is scheduled for early 2022.

ReneSola logo. (PRNewsFoto / ReneSola Ltd) (PRNewsfoto / ReneSola Ltd.)

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

The transaction is structured as a share purchase agreement with the aream group (“aream”), a successful international solar investment company headquartered in Düsseldorf, Germany. The Caravaca project is 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 stake in the SPV.

Mr. Patrick Lemcke Braselmann, Managing Director of aream, commented: “ReneSola Power is a prestigious global developer of solar projects that does a great job in Europe. This new partnership has enabled ReneSola Power to contribute to our non-profit PowerOneForOne foundation which supports selected rural electrification projects in developing countries. We are delighted to increase the exposure of our portfolio to solar energy by adding the Caravaca project in Spain. This is a high quality project that will provide us with attractive returns over the life of the installation. This transaction can certainly serve as a model for other joint transactions. “

Ms. Chloé Durieux, Country Director of Spain and France at ReneSola Power, said: “We are delighted to sell our first project in Spain to an international investor. This achievement is the first of many that we expect from our efforts to strengthen our Spanish presence over the past two years. “

Mr. Josef kastner, CEO of ReneSola Power European Region, said: “We are delighted to partner with aream and look forward to future collaboration. I am proud of our team’s accomplishments and appreciate the support of our M&A advisor Capcora.

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

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global developer and operator of solar projects. The Company focuses on the development of solar energy projects, construction management and project finance services. With local professional teams in more than 10 countries around the world, the company is spread across a number of regions where the markets for solar energy projects are growing rapidly and can support this growth through improved clarity of government policies. The Company’s strategy consists of seeking high-margin project development opportunities in these profitable and growing markets; in particular, in the United States and Europe, where the Company occupies a market leadership position in several geographies, including Poland, Hungary, Minnesota and New York. For more information, please visit www.renesolapower.com.

About the area

Aream Group is a fully integrated investment and asset manager for institutional investors focused on sustainable infrastructure in the renewable energy sector, which includes wind and solar power, grids and storage technology. In this context, aream is represented throughout the value chain, from project development to plant operation. With a transaction volume of over 1.5 billion euros, the company has been covering the entire spectrum of asset management services for more than 15 years and ensures the commercial and technical optimization of assets. In addition to traditional investments in clean energy projects, aream also offers investment opportunities in climate technology companies: directly or through private equity solutions. aream combines investment expertise with technical and commercial know-how and guarantees sustainable performance with stable distributions, returns and growth in value through a structured investment and risk management process. More information: www.aream.de.

About Capcora

Capcora is a consulting firm specializing in real estate assets. Capcora provides equity, mezzanine and debt financing for energy and infrastructure projects, real estate and mid-sized businesses. The focus is in particular on mezzanine financing for the recapitalization of liquidity tied up in operating assets as well as for the bridge financing of developments and construction measures in the field of renewable energies (photovoltaic, onshore wind power) and real estate through alternative sources of financing. www.capcora.com

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SOURCE ReneSola Ltd.


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