Solar energy developer Emeren Group Ltd (NYSE:SOL) has entered into an agreement to divest 29 MWp of solar photovoltaic projects in Spain. The projects are held in a joint venture (JV) with French asset manager Eiffel Investment Group through the European Solar Energy Development JV, established in 2021 when Emeren operated under the name ReneSola.
The Connecticut-based group announced on Tuesday that it will sell the solar portfolio to French solar power producer Rubis Photosol. The package includes three late-stage utility-scale solar projects situated in the village of Algorfa in south-eastern Spain.
These projects are currently in an advanced stage of obtaining construction permits and are anticipated to commence operations in the second half of 2025, according to Emeren.
The transaction underscores Emeren Group's strategic move to optimize its solar project portfolio in collaboration with its JV partner, Eiffel Investment Group. Rubis Photosol's acquisition aligns with its expansion plans in the Spanish solar market, further contributing to the development of renewable energy infrastructure in the region.