SHANGHAI — ReneSola has sold its 16.5 MW Membury utility scale project in the United Kingdom to Foresight Solar Fund Limited (“FSFL”). This represents ReneSola’s third project sale to Foresight Group, a leading, independent infrastructure and private equity investment manager, following the sale of its 34.6 MW Port Farm project to FSFL in August 2015 and its 6.4 MW Field House project in July 2015 to other funds managed by Foresight.
“Our downstream strategy has taken root, with downstream partners like Foresight recognizing our project development capabilities and coming back to us multiple times to collaborate on downstream projects,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “The development and sale of our 16.5 MW Membury project, which was the last part of our initial pipeline of 71 MW of projects we developed in the UK, further strengthens our foothold in the downstream market and contributes to our profitability and cash flows. With our deep pipeline of more than 500 MW of quality downstream projects, we are confident that we can continue to execute well on our downstream strategy and generate cash flow and profitability in 2016 and well into the future.”
The Membury project, which utilizes ReneSola’s Virtus II modules, was connected to the grid in March 2015 and is qualified for the UK’s 1.4 R.O.C scheme.
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world.
About Foresight Solar Fund Limited (“FSFL”)
FSFL is a Jersey-registered closed-end investment company. FSFL invests in ground-based UK solar power assets to achieve its objective of providing shareholders with a sustainable and increasing dividend with the potential for capital growth over the long-term.
FSFL raised proceeds equivalent to $230m through an initial public offering (“IPO”) of shares on the main market of the London Stock Exchange in October 2013. In October 2014, FSFL announced a Placing Programme of up to 200 million Shares, which closed in September 2015, under which an equivalent of $247m has been raised of which $41.6m is held in Treasury.
About Foresight Group
Foresight Group was established in 1984 and today is a leading independent infrastructure and private equity investment manager with over $2.3 billion of assets under management. As one of the UK’s leading solar infrastructure investment teams, Foresight funds currently manage over $1.5 billion in more than 50 separate operating photovoltaic (“PV”) plants in the UK, the USA and Southern Europe.