ReneSola Sells 34.6 MW Utility Scale Project in the UK
This represents ReneSola's second project sale to Foresight Group.
SHANGHAI, Aug. 28, 2015 -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold its 34.6 MW Port Farms utility scale project in the United Kingdom to Foresight Solar Fund Limited ("FSFL"). This represents ReneSola's second project sale to Foresight Group, a leading, independent infrastructure and private equity investment manager, following the sale of its 6.4 MW Field House project in July 2015 to other funds managed by Foresight.
More Headlines
- WETER company has started the implementation of the V.O.D.A energy project, which provides for the development of a new hydropower plant for the production of electricity using the laws of nature
- A proposal for the design and construction of a wind energy building from the WETER company, setting a new trend in wind energy and urban infrastructure development
- S-5! Adds New Leadership to Manage Growth
- ACI is thrilled to announce the 9th Future of Biogas Europe 2024 Summit, in Barcelona, Spain
- Stem Announces PowerTrack™ APM for Comprehensive Solar and Storage Energy Portfolio Management
"The development and sale of our 34.6 MW Port Farms project, which was part of our initial pipeline of 71 MW of projects we developed in the UK, extends our collaboration with Foresight and represents another example of our execution capabilities and fruitful transition into the downstream segment of the market," said Mr. Xianshou Li, ReneSola's chief executive officer. "The successful monetization of our project pipeline along with our improving profitability and balance sheet outlook should provide us with the capital resources to support our growth. With more than 42 MW of existing projects in the UK, Japan, and Eastern Europe, and with more than 200 MW of projects in our late-stage development pipeline in the UK, US and Japan, we are confident that we can continue to execute well on our downstream strategy and generate cash flow and profitability well into 2016 and 2017."
The Port Farms project, which utilizes ReneSola's Virtus II modules, was connected to the grid in March 2015 and is qualified for the UK's 1.4 R.O.C scheme.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.
Featured Product
HPS EnduraCoilTM Cast Resin Medium Voltage Transformer
HPS EnduraCoil is a high-performance cast resin transformer designed for many demanding and diverse applications while minimizing both installation and maintenance costs. Coils are formed with mineral-filled epoxy, reinforced with fiberglass and cast to provide complete void-free resin impregnation throughout the entire insulation system. HPS EnduraCoil complies with the new NRCan 2019 and DOE 2016 efficiency regulations and is approved by both UL and CSA standards. It is also seismic qualified per IBC 2012/ASCE 7-10/CBC 2013. Cast resin transformers are self-extinguishing in the unlikely event of fire, environmentally friendly and offer greater resistance to short circuits. HPS also offers wide range of accessories for transformer protection and monitoring requirements.
