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A leading global developer and operator of solar projects, ReneSola (NYSE:GROUND) recently announced that it concluded the sale of a 24 megawatt (MW) solar plus storage project in the UK Innovation, a company that provides investments and operates renewable energy assets. Innova also focuses on large-scale ground-mounted solar power plants and battery energy storage sites.
According to Yumin Liu, CEO of ReneSola, “We are delighted to complete the transaction with our strategic partner Innova. For us, the UK is one of the most attractive markets in Europe. The transaction not only strengthened our leadership position in the UK, but also marked another success in our track record of developing, operating and monetizing projects as we grow our presence in Europe.
The sale of the solar project comes at an intriguing time for ReneSola and the broader pivot towards clean and renewable energy sources. Since Russia’s dangerous and shocking decision to invade neighboring Ukraine, many Western countries have been forced to respond to a battle on two fronts: a literal battle that has decimated Ukrainian cities and an infrastructural battle that has brutally exposed vulnerabilities associated with energy dependencies on countries with diplomatic profiles.
Invariably, the SOL action benefited from the geopolitical context. It started the first full week of April gaining almost 8% in the morning. Over the past month, shares are up 12%. But it’s not just individual performance that investors should note.
According to the Yale School of the Environment, Russia’s attack on Ukraine has led European leaders to push for a faster transition to renewable energy. Specifically, this ambitious pivot calls for accelerating the deployment of solar energy and tripling clean energy capacity by 2030.
EU climate policy chief Frans Timmermans summed up the sentiment in Europe, saying on social media: “Let’s move now to renewables at lightning speed… The faster we move, the sooner we reduce dependence on others. Unless something drastically changes this narrative, SOL stock may offer a continued upside for interested speculators.
As of the date of publication, Josh Enomoto had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.