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ReneSola closes sale of 15-MW solar portfolio in Hungary

ReneSola Ltd. completed the sale of a 15-MW solar portfolio in Hungary to Danish solar investment company Obton A/S. Financial terms of the deal were not disclosed.

"Despite challenging market conditions related to the COVID-19 pandemic, we demonstrated strong execution on our strategy and completed the sale of our portfolio to Obton, generating strong operating cash flow for us," Renesola Power CEO Yumin Liu said in an April 7 statement.

The portfolio comprises 25 small-scale, ground-mounted solar plants under construction in the municipalities of Bicske, Boldog and Cegled. All projects are qualified under the Hungarian 25-year "KAT" feed-in tariff scheme and are expected to be connected to the grid during the second quarter.

OTP Bank PLC provided project financing and approved Obton as the new full owner of the projects.