ReneSola Signs Agreement to Sell 15MW of Projects in Hungary


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Jan 08,2020
ReneSola Signs Agreement to Sell 15MW of Projects in Hungary

STAMFORD, Conn., Jan. 8, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it had entered into an agreement to sell a portfolio of projects located in Hungary to Obton, a leading international solar investment company. This deal builds upon the earlier sale of 13.9 MW of projects in Hungary, thus firmly establishing the Company's business momentum in the region.  

ReneSola Logo. (PRNewsFoto/ReneSola Ltd) (PRNewsfoto/ReneSola Ltd.)

The portfolio comprises 25 solar plants under development in three locations, with a combined capacity of 15MW. These 25 small-scale projects are qualified under the Hungarian 25-year CAT feed-in tariff scheme.

Mr. Anders Marcus, CEO and Co-founder of the Obton Group, said, "This is our second collaboration with ReneSola, which is proving to be a strong partner. Hungary-based projects are part of our expansion strategy, and we are committed to becoming a major contributor to the renewable energy transition in Hungary for years to come."

Mr. Josef Kastner, CEO of ReneSola European Region, commented, "Obton is an outstanding partner for us, and we are thrilled to complete our second sale to them. We look forward to future collaboration in Hungary and other regions of Europe."

ReneSola CEO Yumin Liu added, "Over the past two years, ReneSola has demonstrated its skill in monetizing projects across Europe. Hungary is an important market for solar power in the EU, and this second sale cements our position as a key player in the country. We are proud of our ability to execute in Hungary, and believe Europe will contribute to our accelerating and profitable growth in the quarters ahead."

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

About OBTON

Obton is an investment and management company specialized in renewable projects. Obton represents retail investors and manages a rapid growing PV-portfolio of more than 719 MWp with an enterprise value of EUR 1, 4 billion. The plants are primarily located in France, Italy, Germany, Belgium and the Netherlands.

For investor and media inquiries, please contact:

For ReneSola

In China:

ReneSola Ltd
Ms. Ella Li
+86 (21) 6280-8070 x102
ir@renesolapower.com

The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com

In the United States:

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com

For Obton:

Chief Communications Officer
Mr. Andreas Jakobsen
+45 272 043 00
aja@obton.com

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SOURCE ReneSola Ltd.

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