ReneSola to shed 12-MWp solar development in Spain

• ReneSola Ltd has entered into an arrangement to offer its passion in a 12-MWp portfolio of PV projects in Spain, it claimed on Tuesday.

The portfolio is known as the Caravaca Project, and consists of 2 ground-mounted projects situated in the municipality of Caravaca de la Cruz in the Murcia region, southerly Spain. It is owned by a special function vehicle (SPV) held jointly by ReneSola and also an unrevealed companion.

ReneSola claimed it is offering its possession setting in the SPV to German solar investment firm Aream Team.

The economic side of the agreement is kept under wraps. The sale process will certainly be finalised as soon as the Caravaca Project gets to the ready-to-build stage. ReneSola stated this can occur in very early 2022.

The solar designer safeguarded the environmental authorization for the Caravaca Project this autumn. It claimed that Caravaca is one of the most advanced project in its Spanish development pipeline, which stands at over 300 MW.

"We are thrilled to sell our first project in Spain to an international investor. This accomplishment is the initial of numerous we anticipate from our initiative to build our Spanish presence over the past number of years," commented Chloe Durieux, ReneSola Power nation supervisor for Spain as well as France.