October 3 (Renewables Now) - Solar project developer and operator ReneSola Ltd (NYSE:SOL) on Friday announced the acquisition of a 50-MWp solar park in the UK, marking the launch of its independent power producer (IPP) business in Europe.
The company has taken possession of the Branston photovoltaic (PV) park in Lincolnshire, England, from P&T Global Renewable Energy Ltd. The value of the purchase was kept under wraps.
The Branston solar farm was brought online in October 2020 and is generating around 1,00 MWh of electricity per year when operating in peak capacity.
“This fully operational solar farm will be profitable on day one and provides stable cash flows and helps diversify risks from project sales,” said ReneSola’s CEO Yumin Liu. He added that the acquisition is expected to further enhance the company’s market position in Europe and add to its earnings.
“This will be a new chapter of our company to enter into IPP business in Europe and contribute to energy alleviation of Europe energy crisis," Yumin added.
Earlier this year, ReneSola said it expects to end 2022 with 3 GW of projects in the pipeline in view of the favourable support policies across European markets.