ReneSola Ltd. (“ReneSola Power” or “the Company”), a leading fully integrated solar project developer, announced that it entered an agreement to sell a 12MWp portfolio of projects in Spain. The portfolio consists of two ground-mounted projects (collectively known 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 consummated at the “ready-to-build” stage, which is planned for early 2022.
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The Caravaca Project is the most advanced project in ReneSola Power’s over 300 MW pipeline of projects at different development stages 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 being 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 ownership position in the SPV.
Mr. Patrick Lemcke-Braselmann, Managing Director of aream, commented, “ReneSola Power is a prestigious global solar project developer doing excellent work in Europe. This new partnership enabled ReneSola Power to contribute to our non-profit PowerOneForOne Foundation that supports selected rural electrification projects in developing countries. We are excited to grow our portfolio exposure to solar energy by adding the Caravaca Project in Spain. This is a high quality project that will offer us attractive returns over the life of the installation. This transaction can definitely serve as a role model for further joint transactions.”
Ms. Chloé Durieux, Country Director for Spain and France at ReneSola Power, noted, “We are thrilled to sell our first project in Spain to an international investor. This achievement is the first of many we expect from our effort to build our Spanish presence over the past couple of years.”
Mr. Josef Kastner, CEO of ReneSola Power European Region, said, “We are excited to partner with aream, and look forward to future collaboration. I am proud of our team’s achievement and appreciate the support of our M&A advisor Capcora.”
Capcora, a German consulting company, acted as M&A advisor to ReneSola Power in this transaction.
ReneSola Power is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies.