ReneSola Power has acquired a 50MWp solar farm in Branston, Lincoln.
Project Branston's 50MWp solar farm has been producing renewable energy since October, 2020, and is currently generating an annualised yield of 1,011 MWh/MWp.
The transaction was completed on 30 September, 2022, from P&T Global Renewable Energy.
"We are extremely excited to commence our asset-light, IPP business in Europe with the acquisition of Project Branston. This fully operational solar farm will be profitable on day one and provides stable cash flows and helps diversify risks from project sales,” said Yumin Liu, CEO of ReneSola Power.
“We anticipate the acquisition to further strengthen our market position in the Europe and will be accretive to our shareholders. 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."
In 2020, ReneSola signed a joint venture (JV) with Innova to develop a pipeline of utility scale solar projects in the UK. The JV company looked to continue the development of solar pipeline in the UK and aims to scale this in the future.
Alongside this, ReneSolar created a JV with Novergy, a subsidy-free solar platform, to continue the development of UK-based solar projects and support the mobilisation of decarbonisation and energy security.
The JV intended to co-develop utility-scale solar with an emphasis on the creation of a 200MW solar pipeline.