ReneSola Signs Agreement to Sell 13.9MW of DG Projects in Hungary

SHANGHAI, Oct. 14, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) SOL, a leading fully integrated solar project developer, today announced that it had entered into an agreement to sell a portfolio of small-scale DG projects located in Hungary to Obton, a leading international solar investment company.

The portfolio comprises 24 solar plants, with an average size of approximately of 0.5MW per plant, bringing a combined capacity of 13.9MW. These 24 small-scale DG projects are qualified under the Hungarian 25-year feed-in tariff scheme.

Mr. Anders Marcus, CEO and Co-founder of the Obton Group, said, "We are excited to collaborate with a strong partner like ReneSola. ReneSola has demonstrated its ability to manage the transaction professionally and complete it in a timely manner. The addition of the Hungary DG projects to our solar portfolio is part of our expansion strategy, and we are committed to becoming a major contributor to the renewable energy transition in Hungary for years to come."

Mr. Josef Kastner, CEO of ReneSola European Region, commented, "Obton is an outstanding partner for us as we further develop our business in Hungary. We are thrilled to complete this project sale to them, and look forward to future collaboration, both in Hungary and other regions."

Kastner continued, "Over the past two years, Renesola has demonstrated its skill in developing and operating solar projects, completing long-term financing transactions and monetizing projects to generate profits in the downstream segment of the solar industry across Europe. Hungary is an important market for solar power in the EU, and Renesola has emerged as a leading project developer here. We are proud of our ability to create value in Hungary, and believe we are well-positioned to drive more growth in the years ahead."

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola SOL is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

About OBTON

Obton is an investment and management company specialized in renewable projects. Obton represents retail investors and manages a rapid growing PV-portfolio of more than 719 MWp with an enterprise value of EUR 1,4 billion. The plants are primarily located in France, Italy, Germany, Belgium and the Netherlands.

SOURCE ReneSola Ltd.