Connecticut-based ReneSola Ltd., a fully integrated solar project developer, is selling a 12 MWp portfolio in Spain. It consists of two ground-mounted projects located in the municipality of Caravaca de la Cruz in the southern region of 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. The Caravaca project is being developed by ReneSola Power and a partner; it is owned by a special purpose vehicle, which in turn is jointly owned by ReneSola Power and its partner. 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 grow our portfolio exposure to solar energy by adding the Caravaca project in Spain. This is a high-quality project that will offer us attractive returns over the life 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.