ReneSola Power sells 37MW Polish solar portfolio to Obton

An operational solar plant from ReneSola in Poland. Image: ReneSola Power.

Solar developer ReneSola Power has completed the sale of 37MW of PV projects in Poland to Danish solar investment and management company Obton.

Awarded to ReneSola in a renewables auction last year, the portfolio primarily consists of plants with a capacity of 1MW as well as one 4MW farm.

Sold at the ready-to-build stage, the projects are eligible for a 15-year guaranteed tariff under Poland’s contract for difference scheme.

ReneSola Power will carry out EPC management, financing and final delivery of the projects, which are expected to be connected to the grid within the next year.

Yumin Liu, CEO at ReneSola, said Poland is “an especially attractive market” for the company, adding: “We expect Poland to produce profitable growth in the quarters ahead.”

After awarding 2.2GW of solar PV capacity in a round of renewables auctions last June, Poland allocated an additional 870MW in another round last month.

Developers and analysts speaking to PV Tech Premium last year praised the design of the country’s auction mechanism, which supports the construction of smaller projects that pose less of a burden on the grid, while potentially allowing more companies to participate.

Poland added 3.2GW of solar last year, taking its total installed capacity up to 7.1GW, according to trade body SolarPower Europe.

ReneSola formed a joint venture last year with asset management firm Eiffel Investment Group to finance its European project pipeline, including plants in Poland, Spain, and France.

The latest deal with Obton follows ReneSola selling a 38MW solar portfolio in Poland last July and a 15MW portfolio in Hungary in 2020 to the Danish firm.