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Caravaca Project: Renesola Power Sells Spanish Solar Portfolio To Aream

Frankfurt, Germany - US-based project developer Renesola Power has announced the sale of a Spanish solar project portfolio to investment and asset manager Aream. The portfolio consists of two ground-mounted projects in the municipality of Caravaca de la Cruz in the Murcia region of southern Spain.

The Caravaca project is being sold ready for construction, with ready-to-build status expected to be achieved as early as early 2022. Capcora, a German-based consulting firm, acted as M&A advisor on Renesola Power's side in this transaction.

The Caravaca project is the most advanced, and Renesola Power's entire pipeline in Spain includes projects with over 300 MW in various stages of development.

The buyer is Aream Group, headquartered in Düsseldorf, Germany. The Caravaca project is currently being developed by Renesola Power and a partner and is owned by a special purpose vehicle, which in turn is jointly owned by Renesola Power and the partner. As part of the Sale Transaction, Aream will acquire the shares in the SPV.

"ReneSola Power is a prestigious global solar project developer doing excellent work in Europe. This new partnership enabled ReneSola Power to contribute to our non-profit PowerOneForOne Foundation that supports selected rural electrification projects in developing countries", said Patrick Lemcke-Braselmann, Managing Director of Aream.

Source: IWR Online, 30 Dec 2021