ReneSola Ltd (NYSE:SOL) on Tuesday expressed confidence in the Polish renewables market and said it is looking for more local solar photovoltaic (PV) projects to buy.
The company is very specific about the kind of projects it is after – they are schemes that were granted support in Poland’s 2019 auction and projects that will be ready to compete in the 2020 auction, the solar developer said in a press release.
“Our growth was stable in the Polish market so far. In each auction we added a group of projects expanding our portfolio. Due to positive signals about the Polish market, we are looking for additional projects to buy,” Josef Kastner, the president of the board ReneSola Power Polska, stated.
ReneSola has participated in every Polish auction held since 2016, securing PV projects with individual capacities of up to 1MW. In 2019 the company sold to Scottish investment fund Aberdeen Standard Investment 55 MW of solar farms it built in the country, covered by 15-year energy sale guarantees under the auction system. ReneSola has secured its ties with the solar farms as the operation and maintenance (O&M) services provider.
In early January 2020, ReneSola announced the sale of 13 MW worth of PV project development rights to a local group, Warszawskie Przedsiebiorstwo Mostowe Mosty. This transaction involved projects for which ReneSola secured support in the 2018 auction.
