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, an 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.”
ReneSola now possesses more than 42MW of projects in the UK, Japan, and Eastern Europe, while the company has more than 200MW of projects in its late-stage development pipeline in the UK, US and Japan. Li noted that ReneSola will continue to execute on the downstream strategy for cash flow and profitability to 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.