ReneSola sells 70-MW Pennsylvania solar project portfolio to AB CarVal
Solar panels. Featured Image: foxbat/Shutterstock.com
October 3 (Renewables Now) - Solar project developer ReneSola Ltd (NYSE:SOL) on Monday said it has closed a deal to sell three solar development projects totalling about 70 MW in Pennsylvania to funds of Minneapolis, Minnesota-based alternative investment fund manager AB CarVal Investors LP.
ReneSola is selling the three ground-mounted utility-scale projects at the "notice to proceed" stage. The buyer will complete the construction and will be the long-term owner. The portfolio is located in the broader PJM transmission territory.
"These are the largest scale single site project sales in the US for ReneSola Power to date and represent years of commitment to utility solar development in this market,” stated John Ewen, head of ReneSola Power North America.
According to its latest results, at the end of June ReneSola had a mid-to-late stage pipeline of projects with a combined capacity of 2.4 GW, half of which are located in the US and Poland.
Meanwhile, on Friday the company announced the acquisition of a 50-MWp solar park in the UK, marking the launch of its independent power producer (IPP) business in Europe.