ReneSola continues PV sell-off spree with 13.9MW exit in Hungary

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image credit: Keith Yahl / Flickr

Shanghai-headquartered ReneSola has inked the latest of a series of solar divestments in recent weeks, offloading a portfolio of distributed generation in Hungary.

On Monday this week, the small-scale specialist said a 13.9MW portfolio it deployed in the European country has now been sold to Obton, a developer headquartered in Denmark.

According to ReneSola, the package of 24 solar plants now being sold – with average individual array sizes sitting at 0.5MW – was built with support from Hungary’s feed-in tariff (FiT) programme.

The firm laid out its approach in detail in the Q2 2019 financial results it shared in mid-September, where Hungary was singled out as one of its key European markets.

In its update, ReneSola said it is deploying a further 33.6MW series of 0.5MW arrays via a mix of Hungarian policies – 25-year FiTs, mandatory offtake rules – and funding from EU and local banks.

The firm is eyeing the same strategy towards the north in Poland, an up-and-coming solar market where ReneSola claims to be working on a 26MW shovel-ready pipeline.

The new Polish work follows the firm’s FiT contract wins at auctions in 2016, 2017 and 2018, as well as its sale only last week of a 55MW portfolio to Aberdeen Standard Investments.

Over in its home state of China, ReneSola launched a 200MW project divestment series also last week, after finding buyers for an initial 22.3MW rooftop portfolio.

The divestment flurry finds the New York-listed developer having recently returned to profitability, with Q2 2019's US$5.1 million positive net income reversing losses in Q2 2019 and Q4 2018.

The comeback to the black took place as short-term borrowings jumped from Q4 2018 (US$44 million) to Q1 2019 (US$80.6 million) and Q2 2019 (US$82.8 million).

ReneSola claims to have completed 735MW of PV projects worldwide as of Q2 2019, with a pipeline of 1.4GW – 714MW of it late-stage – now being considered for the future. 

The prospects and challenges of solar's new era in Europe and beyond will take centre stage at Solar Media's Solar Finance & Investment Europe (London, 5-6 February) and Large Scale Solar Europe 2020 (Lisbon, on 31 March-1 April 2020).

Read Next

September 14, 2021
Polish renewables developer PAD-RES is to be acquired by a joint venture established by real estate investor Kajima and private equity firm Griffin Real Estate.
September 8, 2021
lish developer R.Power has entered the Romania solar market through a partnership with an unnamed renewable energy company that will see the two develop a solar portfolio totalling 100MW
August 31, 2021
Blackfinch Renewable European Income Trust (BRET) has announced its intent to raise up to £300 million (US$412 million) via a float to invest in renewable energy projects across Europe.
August 31, 2021
Solar developer ReneSolar Power nearly doubled its gross profit in Q2 2021 compared with Q1 and has improved its business forecast for the remainder of the year after this quarter’s results exceeded analyst expectations
August 20, 2021
Solar PV plants generated 10% of the EU-27’s electricity demand during June and July this year, new analysis by energy thinktank Ember has found.
August 17, 2021
PV Tech speaks to JA Solar’s Henning Schulze about the module manufacturer’s European strategy, how vertical integration is helping it mitigate supply chain volatility and why lessons from the stock market can help guide solar module purchasing.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021