ReneSola (SOL) to Sell U.K. Utility-Scale Projects to European Investor

November 10, 2016 6:32 AM EST

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ReneSola Ltd (NYSE: SOL) announced that it has signed agreements to sell its six utility-scale projects in the United Kingdom to a European investor. These projects have a combined capacity of approximately 26 MW.

Powered by ReneSola's Virtus II modules, the six projects are located in Carlam Hill Farm (Yorkshire), North Wales, and Monmouthshire. All of these projects are pre-accredited with a tariff rate of 6.16p/kWh and eligible for a guaranteed export tariff of 4.91p/kWh.

Xianshou Li, ReneSola's Chief Executive Officer, said, "Although the Brexit vote has interjected more uncertainty into the UK political situation, we are finding that demand remains robust for productive solar power assets. We intend to grow our project development business significantly in the quarters ahead, in keeping with our plan to focus our efforts on the best opportunities for attractive and rapid return on investment. We are building our development pipeline even as we execute monetizations such as this agreement, and expect more successful transactions in 2017 and beyond."



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