Europe: Small-scale Projects with FiT

Over the past years, ReneSola has demonstrated its skill in developing and operating solar projects, completing long-term financing transactions and monetizing projects to generate profits in the downstream segment of the solar industry across Europe. Poland, Hungary and France are key markets for us, and ReneSola has emerged as one of the larger project developer here. We are proud of our ability to create value in EU, and believe we are well-positioned to drive more growth in the years ahead.”

Poland

Favorable Environment:

Competitive Financing

● Competitive financing from financial institutions and international banks, including some of the MLAs (policy lenders);​

● Competitive construction finance and buyer’s pre-payment promote efficient development.

ReneSola Strength:

Continuous Success

● 2016 Auction​

ReneSola awarded 13 projects (13MW), out of 76 projects (70MW) total awarded in this auction;

FiT price: PLN 0.4088/kWh ($0.115/kwh) for 15 years.​

● 2017 Auction​

ReneSola awarded 42 projects (42MW), out of 352 projects (350 MW) total awarded in this auction;

FiT price: PLN 0.385-0.392/kWh ($0.108kWh – 0.11/kWh) for 15 years.

● 2018 Auction

ReneSola awarded 26 projects (26MW). out of 554 projects (530MW) total awarded in this auction;

FiT price: PLN 0.354-0.358/kWh ($0.093 kWh – 0.094 kWh) for 15 years.

Monetizing our Efforts

● SOLD all 55 MW of projects awarded in the 2016 and 2017 auctions in Q3 2019.

Recognized Name

Leveraging this auction success, ReneSola is partnering with well-known utilities, EPC contractors, Investors, financing institutions for potential cooperation.

Project Pipeline

In Poland,we now have total projects of 26 MW in our development pipeline, which are part of the projects awarded to us in the government auction in 2018.

Successful Cases

Poland
Poland
Poland

Hungary

Favorable Environment:

Incentive Scheme

● National Renewable Action Plan: to cover 14.65% of its gross energy consumption from RES by 2020;​

● The European Commission has approved Hungary’s support scheme for solar and renewable energies;

● Small-scale PV facilitated through mandatory off-take system (by Hungarian electricity TSO, MAVIR);

● Hungarian Energy Authority ("HEA") to determine the duration and the amount of mandatory off-take.

Robust Growth

● Total installed capacity: 235MW(2016); 344MW(2017); 665MW (2018); 1.15 GW(as of Oct ,2019);

● New installations: 63MW(2016); 109MW(2017); 321MW (2018); 485 MW (as of Oct, 2019);

● New Tender Regime start in 2019 with 130 MW and continue in 2020 with 300 MW for solar.

Competitive Financing

● Competitive project finance available from EU financing institutions and local bank.

Project Pipeline

In Hungary, we continue to invest in small-scale DG projects.Our late-stage pipeline has more than 55 “micro projects”, with an average size of 0.5 MW per project, bringing total capacity to 33.6 MW.

Successful Cases

Hungary
Hungary
Hungary

France

Market Opportunities

● Ambitious national targets. Environment Minister just announced 40% RES by 2030. annual growth of 2 GW necessary by 2023.​

● Consolidated market with experienced international players and high demand in Ready to Build(“RTB”) projects.​

● Bid systems supported by government insure current development on restricted areas: allows PV rooftop, shade houses & ground mounted. Each category benefits from a specific unique tender tariff around USD 0.06 /kwh to USD 0.09/kwh during 20 years.​

● Easy access to financing and have competitive project financing rates: around 2,5% at 20 years.​

Project Pipeline

We have a project pipeline of 42.5 MW, all of which are ground-mounted projects.  Additionally, one of these ground-mounted projects is a 30 MW solar park we are developing with our strategic partner, Green City Energy.

Successful Cases

France
France
France

Spain

Market Opportunities

● Well developed market with experienced international players; High demand in Ready to Build(“RTB”) projects on the market.​

● Best Solar Yield in Europe, our projects are located in south of Spain –mainly in Murcia Region > 1650 MWh/MW per year.​

● Extremely competitive project financing.​

Project Pipeline

In Spain, we have a late-stage pipeline of 12 MW of private PPA projects, we are expected to sell the project rights of these projects at 2019 or 2020.

Other Successful Cases

UK
UK
UK
UK
UK
UK