STAMFORD, Conn., Dec. 7, 2020 /PRNewswire/ -- ReneSola Ltd
("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE:
SOL), a leading fully integrated solar project developer, today
announced the sale of a portfolio of ground-mounted solar parks to
Modus Asset Management, a Vilnius,
Lithuania-based investment management company specialized in
renewable energy investments.
The portfolio was developed and constructed by ReneSola Power
and comprises 16 state-of-the-art projects equipped with bifacial
solar panels and a combined capacity of 16 MW. All of the
projects have been awarded a 15-year contract-for-difference
("CfD") support mechanism in Poland, ensuring stability of revenue for the
projects.
Mr. Josef Kastner, CEO of
ReneSola Power's European Region, commented, "We are excited to
partner with Modus Asset Management, and look forward to future
collaboration. Despite ongoing challenging macro conditions
related to COVID-19, our European team continues to execute on our
strategy and optimize our solar assets through strategic sales
across different geographies. We remain optimistic about our
opportunities in Eastern Europe,
where a supportive regulatory and financing environment will enable
us to grow in the region over the next several years."
Mr. Yumin Liu, Chief Executive
Officer of ReneSola Power, stated, "Over the past several years, we
have demonstrated our expertise in developing and operating solar
projects, closing financing transactions and monetizing projects to
generate profits in the downstream segment of the solar industry
across Europe. Poland is a key market for solar power in
Europe, and Renesola Power has
become a leading project developer in the region. We are proud of
our team, and believe we are well-positioned to drive more growth
in the years ahead."
Povilas Pečiulis, CEO of Modus Asset Management, said, "Having
started an active investment phase in mid-2020, we have already
completed several acquisitions and built valuable partnerships with
a number of experienced solar developers in the region. I am
delighted that an agreement has been reached with ReneSola Power, a
widely known and respected developer, for acquisition of their 16
MW turnkey solar portfolio in Poland. We have ambitious investment plans for
the Polish solar sector and are eager to work with project
developers, support the local solar ecosystem and drive the
country's transition to clean energy generation."
Modus Asset Management actively invests in the Polish solar
market and is committed to building the portfolio in excess of 100
MW. Its investment strategy is to partner with solar project
developers in Poland and acquire
turnkey or operational projects with CfD support mechanism.
About ReneSola Power
ReneSola Power (NYSE: SOL) 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. The Company's strategy is to pursue high-margin project
development opportunities in these profitable and growing markets;
specifically, in the U.S. and Europe, where the Company has a market-leading
position in several geographies, including Poland, Hungary, Minnesota and New
York.
About Modus Asset Management
Modus Asset Management is a licensed and regulated asset manager
with a focus on renewable energy sector. We strive to expedite
clean energy transition in the countries we operate in and create
attractive investment opportunities for our investors. Our current
investment geography includes Poland, Baltic States and selected Central
European countries. For more information, please visit:
www.modusam.com.
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SOURCE ReneSola Ltd.