ReneSola to shed 12-MWp solar development in Spain

ReneSola Ltd (NYSE:SOL) has entered into an agreement to sell its interest in a 12-MWp portfolio of PV projects in Spain, it said on Tuesday.

The portfolio is known as the Caravaca Project, and contains two ground-mounted projects located in the municipality of Caravaca de la Cruz in the Murcia region, southern Spain. It is owned by a special purpose vehicle (SPV) held jointly by ReneSola and an unnamed partner.

ReneSola said it is selling its ownership position in the SPV to German solar investment firm Aream Group.

The financial side of the agreement is kept under wraps. The sale process will be finalised once the Caravaca Project reaches the ready-to-build stage. ReneSola said this could happen in early 2022.

The solar developer secured the environmental approval for the Caravaca Project this autumn. It said that Caravaca is the most advanced project in its Spanish development pipeline, which stands at over 300 MW.

"We are thrilled to sell our first project in Spain to an international investor. This achievement is the first of many we expect from our effort to build our Spanish presence over the past couple of years," commented Chloe Durieux, ReneSola Power country director for Spain and France.

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