ReneSola Inc. (NYSE: SOL) Sells 38 Megawatt Solar Projects to Obton In Poland As It Expands Its Market

ReneSola Inc. (NYSE: SOL) has announced the sale of 38-megawatt solar projects to Obton. The solar projects in Poland comprise 38 solar utility projects and have a 1 MW capacity. The company received the projects in December last year from Poland’s solar power auction. 

Obton purchases solar projects from ReneSola

Obton has purchased these projects from ReneSola at the “Notice to Proceed” phase. ReneSola Power will, nevertheless, be in charge of  EPC administration, project financing, and ultimate delivery of the solar projects to Obton at the Commencement of Operation Date step once the sale is completed. ReneSola’s status in Poland was boosted by the agreement, which established the company’s ability to finish and commercialize a solar project. In addition, the company is progressively expanding its operations in the solar industry’s downstream area across Europe.

The Polish government adopted a new energy policy through 2040 earlier this year, emphasizing reducing emissions. According to the Energy Plan, the government will expand onshore wind and solar projects to reduce coal use in power generation to 56% by 2030 from 72% in 2020.

Massive opportunities for ReneSolar in Poland 

ReneSola will have more opportunities in the Polish solar sector due to the inclusion of new solar projects. Modus Asset Management purchased 16 MW of solar projects from the company last year. To achieve its solar capacity, the Polish government will undoubtedly need to hold further solar power auctions shortly. However, ReneSola will have a good chance of winning new solar contracts in Poland because of its experience establishing solar projects in Poland.

According to an International Energy Agency report, solar additions globally will see an increase to meet power demands and lower emissions.

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