Solar project developer ReneSola Ltd. has closed the sale of a ~70 MW portfolio of solar development projects to funds managed by AB CarVal Investors L.P., an alternative investment fund headquartered in Minneapolis, Minn.
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.
“We continue to successfully execute our NTP sale strategy in one of our most important markets, United States,” says Yumin Liu, ReneSola Power’s CEO. “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.”
“These are the largest scale 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,” comments John Ewen, CEO of ReneSola Power North America. “Project development is complicated and AB CarVal demonstrated patient and steadfast commitment through the process.”