Project Finance Brief: ReneSola Sells 16 MW Solar Portfolio to Modus Asset Management

Solarcentury acquires the 11.3 MW Bollendonk solar project in the Netherlands

December 14, 2020


From: Mercom Capital Group

ReneSola Power, a fully integrated solar project developer, announced the sale of a portfolio of ground-mounted solar parks to Modus Asset Management, a Vilnius, Lithuania-based investment management company specialized in renewable energy investments. The portfolio was developed and constructed by ReneSola Power and included 16 projects equipped with bifacial solar panels for a combined capacity of 16 MW. All of the projects have been awarded a 15-year contract-for-difference (CfD) support mechanism in Poland, ensuring revenue stability.

7X Energy, a utility-scale solar developer, owner, and asset manager, has partnered with Nestle to be the sole tax equity investor for its 250 MW Taygete I Energy Project located in Pecos County, Texas. The projects combined represent a capital injection of over $1.5 billion. Taygete I construction activities are complete, and the project is in the final energization phase, with full commercial operation expected in early 2021. A portion of the energy generated from the Taygete I solar project will be sold through a long-term hedge agreement to J. Aron & Company, a subsidiary of Goldman Sachs.

Solarcentury, a solar project developer, acquired the 11.3 MW Bollendonk solar project in Etten-Leur, Netherlands, from GroEnergie Groep. Solarcentury will develop, build, and operate the project. The project covers ​​10 hectares and will generate enough clean electricity for over 3,800 households. Solarcentury hopes to begin constructing the project in September 2021, aiming for a final connection in winter.

Summit Ridge Energy, an owner-operator of community solar projects, and NT Solar, a subsidiary of the National Trust Community Investment Corporation, announced closing a tax equity partnership to finance eleven community solar projects totaling 27 MW across Illinois and Maryland. The portfolio is expected to be placed in service in 2020.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

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