ReneSola Ltd. from Connecticut, a fully integrated developer of solar projects, is selling a portfolio of 12 MWp in Spain. It includes two ground-mounted projects (Caravaca Project), located in the southern region Murcia. The sale will be consummated at the “ready-to-build” stage, which is planned for early 2022.
The Caravaca Project is the most advanced project in ReneSola Power’s over 300 MW pipeline of projects at different development stages in Spain.
The transaction is structured as a share purchase agreement with the aream Group, an international solar investment company headquartered in Düsseldorf, Germany. ReneSola Power, a partner, is developing the Caravaca Project. It is owned jointly by ReneSola Power (and its partner) by a special-purpose vehicle. In this agreement, aream will purchase the company’s ownership position in the SPV.
“ReneSola Power is a prestigious global solar project developer doing excellent work in Europe,” says Patrick Lemcke-Braselmann, managing director of aream. “This new partnership enabled ReneSola Power to contribute to our non-profit PowerOneForOne Foundation that supports selected rural electrification projects in developing countries. We are excited to increase our portfolio exposure for solar energy by adding Spain’s Caravaca Project. This high-quality project will provide us with attractive returns over the lifetime of the installation. This transaction can definitely serve as a role model for further joint transactions.”
“We are thrilled to sell our first project in Spain to an international investor,” adds Chloé Durieux, country director for Spain and France at ReneSola Power. “This achievement is the first of many we expect from our effort to build our Spanish presence over the past couple of years.”
“We are excited to partner with aream, and look forward to future collaboration,” comments Josef Kastner, CEO of ReneSola Power European Region. “I am proud of our team’s achievement and appreciate the support of our M&A advisor Capcora.”
Capcora, a German consulting company, acted as M&A advisor to ReneSola Power in this transaction.