SHANGHAI, July 1, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading provider of energy-efficient products and project developer, today announced that it has sold four operational, photovoltaic assets in England to Equitix Fund IV, a market leading investor and fund manager.
Powered by ReneSola's Virtus II modules, the four utility-scale projects have a combined capacity of approximately 20MW and are located in Derbyshire, Devon, Northamptonshire and Notthinghamshire. All of these projects were connected to the grid in March 2016 and are qualified under the 1.3 Renewable Obligations Certificate (ROC) program.
The sale was transacted in GBP and ahead of completion, ReneSola entered into hedging transactions to protect the project value in US dollars.
Xianshou Li, ReneSola's Chief Executive Officer, said, "The sale of the four UK projects extends our track record of rapidly developing and monetizing projects in attractive developed markets. Because of the potential for fluctuations in the global economy, we have taken measures to protect the value of our project assets. We believe the successful monetization of our project pipeline along with our improving profitability and balance sheet will provide us with the capital resources to support our growth. With more than 300 MW of projects in our late-stage development pipeline around the world, we remain confident in our ability to execute our downstream strategy and generate profits and cash flow for the remainder of 2016 and 2017."
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.
Equitix is a leading investor, developer and long-term fund manager of core infrastructure and energy efficiency assets in the UK and Europe. It has successfully raised over GBP1.8billion in equity to date and invests in long-term infrastructure investments with stable, predictable yields.
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SOURCE ReneSola Ltd.