ReneSola, a leading brand and technology provider of energy-efficient products, today announced that it has sold its 16.5 MW Membury utility scale project in the United Kingdom to Foresight Solar Fund Limited ("FSFL"). This represents ReneSola's third project sale to Foresight Group, a leading, independent infrastructure and private equity investment manager, following the sale of its 34.6 MW Port Farm project to FSFL in August 2015 and its 6.4 MW Field House project in July 2015 to other funds managed by Foresight.
"Our downstream strategy has taken root, with downstream partners like Foresight recognizing our project development capabilities and coming back to us multiple times to collaborate on downstream projects," said Mr. Xianshou Li, ReneSola's chief executive officer. "The development and sale of our 16.5 MW Membury project, which was the last part of our initial pipeline of 71 MW of projects we developed in the UK, further strengthens our foothold in the downstream market and contributes to our profitability and cash flows. With our deep pipeline of more than 500 MW of quality downstream projects, we are confident that we can continue to execute well on our downstream strategy and generate cash flow and profitability in 2016 and well into the future."
The Membury project, which utilizes ReneSola's Virtus II modules, was connected to the grid in March 2015 and is qualified for the UK's 1.4 R.O.C scheme.
Source: ReneSola Ltd.
Date: Oct 6, 2015