ReneSola to sell 55-MW Polish solar portfolio

Solar power system. Author: Mountain/ \Ash. License: Creative Commons, Attribution 2.0 Generic.

November 8 (Renewables Now) - ReneSola Ltd (NYSE:SOL) has entered into a letter of intent (LoI) to sell multiple solar projects in Poland with a combined capacity of 55 MW to global renewables investor Chroma Impact Investment.

The transaction concerns 55 photovoltaic (PV) projects of 1 MW each. They are developed under Poland's Contract for Difference (CfD) incentive scheme and are eligible for a 15-year guaranteed tariff. About 14 MW of the total capacity has already been hooked to the grid and the company is working to complete the rest by the first half of 2019.

"We expect Poland to be a growth market in the years ahead, and we look forward to further supporting solar deployment in the region," stated Xianshou Li, chairman and CEO of ReneSola.

The Chinese solar project developer announced in June that investment fund Sequoia Economic Infrastructure Income Fund (LON:SEQI) had agreed to extend an existing senior debt facility for the Polish portfolio to EUR 36 million (USD 41m) from EUR 15 million.

(EUR 1.0 = USD 1.143)

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