Pursuant to the LOI, Chroma will acquire ReneSola's 55 MW of solar projects in Poland, each with a capacity of 1 MW. All of these projects will sell power under Poland's Contract for Difference (CFD) regime and are eligible for a 15-year guaranteed tariff. Among the 55MW of projects, 14MW have been connected. The rest of the projects are under construction and are expected to be fully operational by the first half of 2019.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: “This LOI demonstrates our ability to develop and monetize solar projects across different geographies. Poland is a key market for us, and ReneSola is one of the largest project developers in the region. Upon completing this transaction, we will show our ability to unlock value in our projects at various points along the development cycle. We expect Poland to be a growth market in the years ahead, and we look forward to further supporting solar deployment in the region.”