ReneSola Power to offer 15.4 MW solar parks in Romania to Alternus Energy

• US-based solar power project developer ReneSola Power Ltd claimed that it became part of an agreement to market 2 ground-mounted solar parks in Romania with a combined ability of 15.4 MW to pan-European independent power producer (IPP) Alternus Energy Group plc

The two projects include a 9.4 MW solar park located in the town of Costestii hubbub Vale in Dambovita region and a 6 MW solar park located in the district of Dumbrava, in Prahova region, ReneSola stated in a press release last week.

The value of the bargain was not revealed.

"The proceeds from the sale of the operating assets will certainly allow us to generate solid capital, understand revenues and also more reinforce our financial placement. We have a solid pipeline of project task. We look forward to seeking various other chances to develop, develop and also monetize solar projects worldwide, and think our method resonates well with the advancement trend of solar power," ReneSola Power CEO Yumin Liu stated.

Both parks are run by regional firms Ecosfer Energy as well as Lucas Est, which are unique objective vehicles (SPVs) that have actually been set up for the objective of handling the building as well as procedure of the solar plants as well as the manufacturing of electricity.

Alternus Energy expects to acquire the project-based SPVs connected with the 15.4 MW operating assets, which are owned by Luxemburg-domiciled Renesola New Energy S.A.R.L, ReneSola Power's subsidiary that holds the firm's projects in Romania. Alternus Energy's purchase of those two projects will certainly be moneyed by the earnings from the elderly protected environment-friendly bond and also equity that it has actually just recently issued.

"The acquisition of these projects from Renesola Power will increase our existing visibility in Romania where we have operated for over 6 years currently. These solar parks create part of our immediate 109 MW expansion throughout Romania, Italy and Poland, bringing our complete operating portfolio to almost 140 MW with an extra 1GW of projects in recognized pipeline today," Alternus Energy Group CEO Vincent Browne stated.

ReneSola Power was founded in 2005 as well as noted on the New York Stock Exchange in 2008.

Alternus Energy owns and also runs a portfolio of utility-scale solar photovoltaic parks that connect straight to nationwide power grids. The company has functional solar parks in Germany, Italy, Romania, and the Netherlands. The company is headquartered in Dublin, Ireland.