ReneSola Ltd [NYSE: SOL] has disclosed that it has finally decided to expand its presence in Spain. The firm believed that Spain is a favorable market for large-scale solar development, where ReneSola Power has developed strong capabilities in the last few years. The firm revealed that it recently obtained the environmental authorization for its 12 MW solar plant situated in the municipality of Caravaca in the region of Murcia in Southern Spain.
SOL is delighted to get the positive results of the environmental decision for this first project with high irradiation and positive connection conditions. This achievement explains ReneSola Power’s success in making attractive investments in this competitive market. The firm disclosed that Spain is planning to shift to 100% renewable energy sources by 2050, and ReneSola Power is set to give its best to this energy transition.
Furthermore, SOL has joined forces with strong partners who allow the firm to successfully start solar projects in the country. Additionally, Spain is an important market for solar power, and having a strong presence in the country with the commencement of the Madrid office is a strategic move for SOL.
The firm has commenced a sales and business development office in Madrid, Spain to develop its sales network and customer service capabilities in the region. The environmental authorization is a breakthrough towards bringing the project to the “ready-to-build” phase. Construction is anticipated to commence in early 2022. The Caravaca project is the most sophisticated project in ReneSola Power’s 350 MW pipeline of projects at different development stages in Spain.