Benzinga | Oct 4, 2021 09:30AM EDT

ReneSola Bags Environmental Approval For Spain Solar Plant

* Solar project developer ReneSola Ltd (NYSE:SOL) recently won environmental approval for its 12 MW solar plant located in the municipality of Caravaca in the region of Murcia in Southern Spain.

* The construction is likely to begin in early 2022. The Caravaca project is the most advanced in ReneSola Power's 350 MW pipeline of projects at different development stages in Spain.

* Additionally, ReneSola launched a sales and business development office in Madrid, Spain, to expand its sales network and customer service capabilities in the region.

* "From a power generation standpoint, Spain intends to switch to 100% renewable energy sources by 2050, and ReneSola Power is positioned to be part of this energy transition, ReneSola Power European Region CEO Josef Kastner said.

* Price Action: SOL shares traded higher by 1.50% at $6.65 in the premarket session on the last check Monday.