ReneSola has sold its 16.5 MW Membury utility scale project in the United Kingdom to Foresight Solar Fund Limited (FSFL), an independent infrastructure and private equity investment manager. ReneSola has sold its 34.6MW Port Farm project and 6.4MW Field House project to funds managed by FSFL respectively in August and July 2015.
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.
"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."