Private equity investor Solar World Invest Fund has snapped almost 10MW of solar projects in Bulgaria from ReneSola.
The projects, located in Sliven, have a capacity of 5MW and 4.7MW respectively. Solar World Invest Fund (SWIF) is a Luxembourg-based private equity fund that invests in medium-sized solar installations globally.
ReneSola said the deal had been on its balance sheet for more than two years and would reduce its debt and increase cash, while not impacting on revenue.
“Our Nove ECO and MG Solar power stations have produced attractive cash flows for us since their completions in the summer of 2012,” said ReneSola’s chief executive Xianshou Li.
“However, our current project development strategy is to build and transfer select projects in order to enhance our cash flow and pay down debt. This sale is another milestone in our strategic transformation into a leading downstream developer.
“We look forward to additional monetizations this year as many projects are completed from our 641MW pipeline.”
Image: MorgueFile
ReneSola sells Bulgarian sun
Almost 10MW of PV projects in Sliven acquired by private equity group
By EBS