New York-listed global solar project developer ReneSola Power has entered into a sale agreement with Denmark headquartered Obton for its cumulative 15 MW of solar energy portfolio in Hungary.
Obton is an investment and management company specialized in renewable energy projects. This is the second time that Obton has acquired solar assets from ReneSola.
The company’s solar project portfolio is comprised of 25 solar plants which are under construction in 3 municipalities of Bicske, Boldog and Cegled, with a combined capacity of 15 MW.
These projects are of small-scale ground-mounted and are qualified under the Hungarian 25-year KAT feed-in tariff scheme.
It is expected that these will be connected to the grid in the second quarter of 2020.
In line with the sale transaction, the financing bank OTP Bank has provided financing for the project and approved Obton as the new 100 percent owner of these solar assets.
Commenting on the acquisition, Anders Marcus, CEO and Co-founder of Obton Group, said that “this represents the second portfolio in Hungary we acquired from Renesola Power. We look forward to collaborating with them on other opportunities in the near future.”
“Our partnership with Obton remains stronger than ever in spite of a difficult environment. With our solid network and professional team in place, we look forward to leveraging our expertise and collaborating with our partners on future projects in Hungary and other regions of Europe,” commented Josef Kastner, CEO of ReneSola Power European Region.
On the sale of its portfolio despite coronavirus crisis, Yumin Liu, Group CEO of ReneSola Power, added that “despite challenging market conditions related to the COVID-19 pandemic, we demonstrated strong execution on our strategy and completed the sale of our portfolio to Obton, generating strong operating cash flow for us. We are proud of our team, and we would also like to thank our partners for their contributions to our success.”
Denmark-based Obton represents retail investors and manages a rapid growing PV-portfolio of over 870 MW with an enterprise value of EUR 1.7 billion.