ReneSola sells 15.4 MW solar parks in Romania to Alternus for 24 mln euro

Photovoltaic system Source: pixabay.com

BUCHAREST (Romania), March 25 (SeeNews) - US-based solar energy project developer ReneSola Power said on Thursday that it has completed the sale of two ground-mounted solar parks in Romania with a total capacity of 15.4 MW to European independent power producer (IPP) Alternus Energy Group for 24 million euro ($28.35 million).

The sale closed in December 2020 and will be reflected in the company's fourth quarter 2020 results, ReneSola said in a press release.

The two solar parks - a 9.4 MW energy facility in Costestii din Vale municipality in Dambovita county, and a 6 MW installation in Dumbrava municipality in Prahova county, are operated by local companies Ecosfer Energy and Lucas Est - special purpose vehicles set up to manage the construction and operation of the solar parks.

"The sale proceeds enabled us to generate strong cash flow, realize meaningful profits and further strengthen our financial position. We are proud of our team's execution, and believe we are well-positioned to grow in important European markets like Romania." ReneSola Power CEO Yumin Liu said.

Rene Sola announced the sale at the end of 2020. The company was founded in 2005 and listed on the New York Stock Exchange in 2008.

Dublin, Ireland-headquartered Alternus Energy owns and operates a portfolio of utility-scale solar photovoltaic parks that connect directly to national power grids. The company has operational solar parks in Germany, Italy, Romania, and the Netherlands.

($=0.8465 euro)

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