Benzinga | Dec 28, 2021 08:42AM EST

ReneSola Power Agrees To Sell 12 MW Of Projects In Spain

* ReneSola Ltd. (NYSE:SOL) has agreed 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. Financial terms were not disclosed.

* The transaction is a share purchase agreement with the aream Group, an international solar investment company in D?sseldorf, Germany.

* Caravaca Project is owned by a special purpose vehicle (SPV), which ReneSola Power and its partner jointly own.

* In this agreement, aream will purchase the company's ownership position in the SPV.

* The sale will be consummated at the "ready-to-build" stage in early 2022.

* Price Action: SOL shares are trading higher by 0.67% at $5.99 during the premarket session on Tuesday.