ReneSola, a leading fully integrated solar project developer, announced this Tuesday it will sell 12 megawatts of ground-mounted solar projects of its portfolio in Spain. The transaction will see ReneSola’s assets in the municipality of Caravaca de la Cruz in the southern region of Murcia sold to a German company.
Firstly, the portfolio consists of two ground-mounted projects collectively known as the Caravaca Project. The sale will close when the assets reach the “ready-to-build” stage, in early 2022.
Moreover, the Caravaca Project is the most advanced project in ReneSola Power’s portfolio. It consists of a 300 MW pipeline of projects at different development stages in Spain.
In addition, the transaction will be in the form of a share purchase agreement with the aream Group. Aream is a successful international solar investment company headquartered in Düsseldorf, Germany.
On the other hand, ReneSola is developing the Caravaca project alongside a partner. The ownership of the projects is under a special purpose vehicle (SPV). ReneSola and its partner jointly own the SPV.
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ReneSola to contribute to non-profit Foundation
Consequently, under the agreement, aream will purchase ReneSola’s ownership position in the SPV. Mr. Patrick Lemcke-Braselmann, Managing Director of aream, said about the matter. “ReneSola Power is a prestigious global solar project developer doing excellent work in Europe.”
He also remarked. “This new partnership enabled ReneSola Power to contribute to our non-profit PowerOneForOne Foundation that supports selected rural electrification projects in developing countries. This is a high-quality project that will offer us attractive returns over the life of the installation. This transaction can definitely serve as a role model for further joint transactions.”
On the other hand, Ms. Chloé Durieux, Country Director for Spain and France at ReneSola Power, noted, “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.”
Finally, Josef Kastner, CEO of ReneSola Power European Region, said, “We are excited to partner with aream, and look forward to future collaboration. I am proud of our team’s achievement and appreciate the support of our M&A advisor Capcora.”
