ReneSola Power Closes Sale of 38 MW of Projects in Poland to Obton

ReneSola Ltd, a leading fully integrated global solar project developer, today announced the closing of the sale of a 38 MW portfolio of solar projects located in Poland to Obton, a leading international solar investment company headquartered in Aarhus, Denmark.

The portfolio comprises 38 solar utility projects in Poland with capacity of 1 MW for each. These projects were awarded to ReneSola Power in the country's solar power auction in December 2020. The projects are qualified under Poland's Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff, and are expected to be grid-connected within the next year.

The projects are being sold at the "Notice to Proceed" (NTP) stage. However, upon closing of sale, ReneSola Power will be responsible for EPC management, project financing, and final delivery of the projects to Obton at the COD stage.

Mr. Josef Kastner, CEO of ReneSola Power European Region, commented, "We are thrilled to once again work with Obton to complete this transaction, and we look forward to collaborating in the near future. Importantly, we have worked diligently to execute on our strategy and optimize our solar assets through strategic sales. I am proud of our team's achievement!"

ReneSola Power CEO Yumin Liu added, "We continue to drive project development activity, and consistently demonstrate our expertise in developing and operating solar projects, closing financing transactions and monetizing projects to generate profits in the downstream segment of the solar industry across Europe. This transaction further solidifies ReneSola Power's market position in Poland, and we believe we are in an excellent position to drive profitable growth in the quarters ahead."