ReneSola Power to sell 15.4 MW solar parks in Romania to Alternus Energy

The two projects include a 9.4 MW solar park located in the municipality of Costestii din Vale in Dambovita county and a 6 MW solar park located in the municipality of Dumbrava, in Prahova county, ReneSola said in a press release last week.

The value of the deal was not disclosed.

"The proceeds from the sale of the operating assets will enable us to generate strong cash flow, realize profits and further strengthen our financial position. We have a strong pipeline of project activity. We look forward to pursuing other opportunities to develop, build and monetize solar projects globally, and believe our strategy resonates well with the development trend of solar energy," ReneSola Power CEO Yumin Liu said.

The two parks are operated by local companies Ecosfer Energy and Lucas Est, which are special purpose vehicles (SPVs) that have been set up for the purpose of managing the construction and operation of the solar plants and the production of electricity.

Alternus Energy expects to acquire the project-based SPVs associated with the 15.4 MW operating assets, which are owned by Luxemburg-domiciled Renesola New Energy S.A.R.L, ReneSola Power's subsidiary that holds the company's projects in Romania. Alternus Energy's acquisition of those two projects will be funded by the proceeds from the senior secured green bond and equity that it has recently issued.

"The acquisition of these projects from Renesola Power will increase our existing presence in Romania where we have operated for over 6 years now. These solar parks form part of our immediate 109 MW expansion across Romania, Italy and Poland, bringing our total operating portfolio to nearly 140 MW with an additional 1GW of projects in identified pipeline today," Alternus Energy Group CEO Vincent Browne said.

ReneSola Power was founded in 2005 and listed on the New York Stock Exchange in 2008.

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. The company is headquartered in Dublin, Ireland.