Intends to launch a new round of PV farm development


ReneSola Power seeks shovel-ready projects in Poland (Credit: PublicDomainPictures from Pixabay)

ReneSola Ltd (“ReneSola Power” or the “Company”) ( (NYSE: SOL), a leading fully integrated solar project developer, is one of the most experienced players in the Polish solar market. The Company was among the winners of all previous auctions, and is now getting ready for the next phase, looking for projects that can be taken over.

Founded in 2005 in Shanghai, China, ReneSola Power is a leading solar project developer and operator with a solid project pipeline spanning across multiple geographies. The Company has been active in Poland for several years, and has so far successfully participated in all auctions held since 2016 for PV projects with a capacity of up to 1 MW each.

In the first auction held by the Energy Regulatory Office in December 2016, ReneSola Power managed to secure the rights to sell energy at the highest price from all bids that were qualified for support at the time.

ReneSola Power has so far built solar farms in Poland with a total capacity of 55 MW, which were subsequently sold to the Scottish investment fund Aberdeen Standard Investment last year. Meanwhile, ReneSola Power will still be responsible for maintaining and operating those solar farms. Each of these projects has a capacity of up to 1 MW and is covered by 15-year energy sale guarantees under the auction system.

At the beginning of 2020, the purchase of 13 MW photovoltaic farm projects developed by ReneSola Power was announced by Warszawskie Przedsiębiorstwo Mostowe “Mosty”. The transaction covered 13 of 26 PV farm projects with a unit capacity of up to 1 MW, for which ReneSola Power secured support in an auction conducted in 2018. For all projects, of which energy was successfully offered by ReneSola Power in that auction, energy prices were secured at an attractive level with compelling IRRs.

Now ReneSola Power is preparing to participate in subsequent auctions, which will be conducted by the Energy Regulatory Office. The Company expresses interest in further acquisitions of solar projects developed in the Polish market.

Mr. Josef Kastner, President of the Board ReneSola Power Polska, commented, “Our growth was stable in the Polish market so far. In each auction we added a group of projects expanding our portfolio. Due to positive signals about the Polish market, we are looking for additional projects to buy.”

Mr. Kastner continued, “Projects are developed by a dedicated team of specialists in the Warsaw office with the support of the European headquarters in Vienna. We cooperate with an experienced legal advisor, enabling us to quickly close the last several transactions in connection with the projects that we won in the 2019 auction. Meanwhile, we are looking to purchase more projects. Specifically, we are interested in installations with the support granted in the 2019 auction, as well as projects that will be ready to start in the 2020 auction.”

Source: Company Press Release