ReneSola Power, a solar project developer, sold 70 MW of solar development projects to AB CarVal, an investment fund manager in Pennsylvania. The portfolio consists of three ground-mounted utility-scale projects in Pennsylvania located in the broader PJM transmission territory. The projects are being sold at the “Notice to Proceed” (NTP) stage, and AB CarVal will complete the construction and retain long-term ownership.
Mr. Yumin Liu, ReneSola Power’s Chief Executive Officer, commented, “We continue to successfully execute our NTP sale strategy in one of our most important markets, the United States. AB CarVal is an excellent partner in this portfolio, and we are thrilled to close this transaction. We look forward to collaborating with them on future opportunities.”
Mr. John Ewen, CEO of ReneSola Power North America, commented, “These are the largest single-site project sales in the U.S. for ReneSola Power to date and represent years of commitment to utility solar development in this market. Project development is complicated, and AB CarVal demonstrated patient and steadfast commitment through the process.”
“It’s rewarding to be part of expanding renewable energy access in the U.S.,” said Jerry Keefe, Principal at AB CarVal. “ReneSola Power is a great partner to work with, and their extensive experience was a clear benefit in originating these solar projects. We look forward to collaborating again on future sustainable energy endeavors.”
Recently, ReneSola Power also acquired the 50 MW 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.
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.