RTTNews | Dec 28, 2021 06:07AM EST

06:07 Tuesday, December 28, 2021 (RTTNews.com) - ReneSola Ltd. (SOL) said that it entered an agreement to sell a 12MWp portfolio of projects in Spain. The portfolio consists of two ground-mounted projects located in the municipality of Caravaca de la Cruz in the southern region of Murcia.

The sale will be consummated at the "ready-to-build" stage, which is planned for early 2022.

The transaction is structured as a share purchase agreement with the aream Group, an international solar investment company headquartered in Dsseldorf, Germany.

The Caravaca Project is being developed by ReneSola Power and a partner; and the Project is owned by a special purpose vehicle or "SPV" which in turn is jointly owned by ReneSola Power and its partner. In the agreement, aream will purchase the Company's ownership position in the SPV.

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