SHANGHAI — ReneSola has sold its 34.6 MW Port Farms utility scale project in the United Kingdom to Foresight Solar Fund Limited (“FSFL”).
This represents ReneSola’s second project sale to Foresight Group, a leading, independent infrastructure and private equity investment manager, following the sale of its 6.4 MW Field House project in July 2015 to other funds managed by Foresight.
“The development and sale of our 34.6 MW Port Farms project, which was part of our initial pipeline of 71 MW of projects we developed in the UK, extends our collaboration with Foresight and represents another example of our execution capabilities and fruitful transition into the downstream segment of the market,” said Mr. Xianshou Li, ReneSola’s chief executive officer.
“The successful monetization of our project pipeline along with our improving profitability and balance sheet outlook should provide us with the capital resources to support our growth. With more than 42 MW of existing projects in the UK, Japan, and Eastern Europe, and with more than 200 MW of projects in our late-stage development pipeline in the UK, US and Japan, we are confident that we can continue to execute well on our downstream strategy and generate cash flow and profitability well into 2016 and 2017.”
The Port Farms 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, open until September 2015, under which an equivalent of $208m has been raised to date.
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.