US-Based ReneSola Power Acquires 50 MWp Solar Farm in UK

US-based ReneSola, which claims to be a leading fully integrated solar project developer, has announced that it has acquired a 50 MWp operational solar farm called ‘Project Branston’ that is located in Branston, Lincoln, United Kingdom. The solar project is acquired from British firm P&T Global Renewable Energy. ReneSola said that transaction was completed September end. Project Branston’s 50 MWp solar farm has been operational since October 12, 2020 and is currently generating a highly attractive annualized yield of 1,011 MWh/MWp.

Yumin Liu, Chief Executive Officer, ReneSola Power, 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 provides stable cash flows and helps diversify risks from project sales.”

Liu also added, “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.”

In June, 2022, ReneSola said that it was awarded 20-year Index Renewable Energy Credit (REC) contracts for two solar projects.  The New York State Energy Research and Development Authority (NYSERDA) selected ReneSola Power’s 22 MW ‘Roosevelt Solar’ project in Massena, New York to be one of 22 projects as part of the State’s largest land-based renewable energy projects in history. Additionally, the Illinois Commerce Commission (ICC) awarded a 20-year index REC contract to ReneSola Power’s 20 MW utility-scale solar project in Wilmington, Illinois as part of the state commitment to double investment in renewable energy towards its goal of 40% renewable energy by 2030 and 50% by 2040.

ReneSola also published its inaugural Environmental, Social, and Governance (ESG) Report last month which details its ESG strategy, policies and initiatives. It said that the ESG report is aligned with the United Nations Sustainable Development Goals (SDGs) and Global Reporting Initiative (GRI) framework.