ReneSola Ltd today announced that it has sold its 34.6MW Port Farms utility scale project in the United Kingdom to Foresight Solar Fund Limited ("FSFL").
"The development and sale of our 34.6MW Port Farms project, which was part of our initial pipeline of 71MW 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. With more than 42MW of existing projects in the UK, Japan, and Eastern Europe, and with more than 200MW of projects in our late-stage development pipeline in the UK, US and Japan, we are confident that we can continue to execute well on our downstream strategy and generate cash flow and profitability well into 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.