US-Based ReneSola Power Acquires 50 MWp Solar Farm in UK

Oct 3, 2022 09:51 AM ET
  • Project Branston's 50 MWp solar farm has actually been functional because October 12, 2020 and is presently producing a very attractive annualized yield of 1,011 MWh/MWp.
  • The chief executive officer expects that the purchase will certainly strengthen ReneSola's market placement in Europe and mark its access into IPP organization in the continent.

US-based ReneSola, which claims to be a leading totally incorporated solar project programmer, has actually revealed that it has actually acquired a 50 MWp functional solar farm called 'Project Branston' that is located in Branston, Lincoln, UK. The solar project is acquired from British company P&T Global Renewable Energy. ReneSola claimed that deal was completed September end. Project Branston's 50 MWp solar farm has been functional since October 12, 2020 as well as is currently generating an extremely eye-catching annualized return of 1,011 MWh/MWp.

Yumin Liu, Ceo, ReneSola Power, said, "We are very delighted to commence our asset-light, IPP service in Europe with the procurement of Project Branston. This fully operational solar farm will be profitable on the first day as well as gives secure cash flows and aids branch out dangers from project sales."

Liu likewise included, "We anticipate the acquisition to further strengthen our market position in the Europe as well as will be accretive to our shareholders. This will certainly be a brand-new phase of our business to enter into IPP service in Europe as well as add to power reduction of Europe power crisis."

In June, 2022, ReneSola stated that it was granted 20-year Index Renewable Energy Credit (REC) contracts for two solar projects. The New York City State Energy Research and Development Authority (NYSERDA) picked ReneSola Power's 22 MW 'Roosevelt Solar' project in Massena, New York City to be among 22 projects as part of the State's biggest land-based renewable energy projects in history. In addition, the Illinois Commerce Commission (ICC) granted a 20-year index REC contract to ReneSola Power's 20 MW utility-scale solar project in Wilmington, Illinois as part of the state commitment to double financial investment in renewable energy in the direction of its goal of 40% renewable energy by 2030 and 50% by 2040.

ReneSola also released its inaugural Environmental, Social, and Governance (ESG) Report last month which information its ESG technique, policies and initiatives. It said that the ESG record is aligned with the United Nations Sustainable Development Goals (SDGs) and also Worldwide Reporting Initiative (GRI) framework.

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