ReneSola Power, a fully integrated solar project developer, acquired 50 MW of Project Branston solar project in Lincoln, UK, from P&T Global Renewable Energy. The transaction was completed on September 30, 2022. Project Branston’s 50 MW solar project has been operational since October 12, 2020.
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, “We are extremely excited to commence our asset-light, IPP business in Europe with the acquisition of Project Branston. This fully operational solar farm will be profitable on day one and provide stable cash flows and helps diversify risks from project sales. We anticipate the acquisition to further strengthen our market position in the Europe and will be accretive to our shareholders. This will be a new chapter of our company to enter into IPP business in Europe and contribute to energy alleviation of Europe energy crisis.”
Recently, Altus Power – an independent developer, owner, and operator of commercial-scale solar facilities – announced definitive agreements to acquire around 97 MW of operating solar assets from undisclosed sellers for $220 million through a combination of cash and assumed liabilities. The acquisition of 88 MW of these is subject to closing conditions and is expected to be closed in the coming weeks.
Earlier this month, Enefit Green, an Estonian renewable energy developer, signed an agreement to acquire a 100% stake in Raabiste Pollud OU, an entity that owns 165 MW of two early-stage solar development projects in Parnu County, Estonia, from Raabiste Pollud OU. The financial side of the arrangement was not disclosed.
According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022.
Nautilus Solar Energy, a solar project developer on behalf of its affiliate Nautilus US Power Holdco, acquired 25 MW of two community solar projects in New York from Cipriani Energy Group Corporation, a renewable energy project developer. The two companies will co-develop eight community solar projects, totaling 25 MW.