Renesola to Exit Solar Projects Worth 15 MW in Hungary

ReneSola has entered into an agreement to sell a portfolio of solar projects worth 15 MW located in Hungary to Obton, a leading solar investment company.

ReneSola, a leading fully integrated solar project developer, has announced that it has entered into an agreement to sell a portfolio of projects located in Hungary to Obton, a leading international solar investment company. This deal builds upon the earlier sale of 13.9 MW of projects in Hungary, thus firmly establishing the Company’s business momentum in the region.

Anders Marcus, CEO and Co-founder of the Obton Group, said, “This is our second collaboration with ReneSola, which is proving to be a strong partner. Hungary-based projects are part of our expansion strategy, and we are committed to becoming a major contributor to the renewable energy transition in Hungary for years to come.”

The portfolio comprises 25 solar plants under development in three locations, with a combined capacity of 15 MW. These 25 small-scale projects are qualified under the Hungarian 25-year CAT feed-in tariff scheme.

ReneSola CEO Yumin Liu added that “over the past two years, ReneSola has demonstrated its skill in monetising projects across Europe. Hungary is an important market for solar power in the EU, and this second sale cements our position as a key player in the country. We are proud of our ability to execute in Hungary, and believe Europe will contribute to our accelerating and profitable growth in the quarters ahead.”

In November 2019, the firm had announced the sale of 13 MW of project development rights to SUNfarming Polska, a Wroclaw-based investor with in-house project development and EPC provider and a company of the SUNfarming Group Germany.

In November 2018, ReneSola was awarded 26 solar utility projects in Poland with a capacity of 1 MW each. The 13 MW of project rights sold are part of those 26 solar projects awarded to ReneSola. All of the 26 projects are under Poland’s Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff of PLN 354.8-358.8/MWh, close to the highest auction price of PLN 364.9/MWh.