ReneSola Ltd today announced that it has sold four operational, photovoltaic assets in England to Equitix Fund IV.
Powered by ReneSola's Virtus II modules, the four utility-scale projects have a combined capacity of approximately 20MW and are located in Derbyshire, Devon, Northamptonshire and Notthinghamshire. All of these projects were connected to the grid in March 2016 and are qualified under the 1.3 Renewable Obligations Certificate (ROC) program.
The sale was transacted in GBP and ahead of completion, ReneSola entered into hedging transactions to protect the project value in US dollars.
Xianshou Li, ReneSola's Chief Executive Officer, said, "The sale of the four UK projects extends our track record of rapidly developing and monetizing projects in attractive developed markets. Because of the potential for fluctuations in the global economy, we have taken measures to protect the value of our project assets. We believe the successful monetization of our project pipeline along with our improving profitability and balance sheet will provide us with the capital resources to support our growth. With more than 300 MW of projects in our late-stage development pipeline around the world, we remain confident in our ability to execute our downstream strategy and generate profits and cash flow for the remainder of 2016 and 2017."