ReneSola Power agrees to sell a portfolio of projects in Hungary

Representative image by Rodion Kutsaev from Unsplash

ReneSola Ltd, a leading fully integrated solar project developer, entered into an agreement to sell a portfolio of projects in Hungary to Obton, a leading international solar investment company headquartered in Aarhus, Denmark.

The portfolio comprises 20 solar plants in five locations, including Sárbogárd, Kömlöd, Szajol, Lukacshaza, and Törökszentmiklós, with a combined capacity of 12.3 MW.  These 20 solar projects, which were successfully connected to the grids in 2020, are now in operation and are qualified under the Hungarian 25-year KAT feed-in tariff scheme.

Josef Kastner, CEO, ReneSola European Region, commented: “Despite ongoing challenging macro conditions, our team continues to execute on our strategy and optimize our solar assets through strategic sales. Obton remains a valuable partner for us, and we are thrilled to once again collaborate on this transaction. We look forward to working with Obton in Hungary and other geographies across Europe in the future.”

Yumin Liu, CEO, ReneSola Power added: “Over the past several years, we have demonstrated our expertise in developing and operating solar projects, closing financing transactions, and monetizing projects to generate profits in the downstream segment of the solar industry across Europe.  Hungary remains an important market for solar power in the EU, and this transaction further strengthens ReneSola Power’s market position in the country.  We are proud of our team, and believe we are well-positioned to drive more profitable growth in the quarters ahead.”

Anders Marcus, CEO and Co-founder, Obton Group, said: “ReneSola Power is a trusted partner of Obton’s, and we are excited to increase our participation in the Hungarian solar market with the support from ReneSola Power. Importantly, we are encouraged that we were able to enter into an agreement despite the challenging circumstances.  We are also proud of our team for being effective, creative, and goal-oriented, which we believe are the key competencies for success.  We look forward to joining forces with ReneSola Power to pursue other project opportunities in Hungary and any other countries in the future.”

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