A leading global solar project developer and operator, ReneSola (NYSE:SOL) recently announced that it closed the sale of a 24 megawatt (MW) solar-plus-storage project in the U.K. to Innova, a company that provides investments in and operates renewable energy assets. Innova also focuses on utility-scale ground mounted solar plants and battery energy storage sites.
According to Yumin Liu, CEO of ReneSola, “We are excited to complete the transaction with our strategic partner Innova. For us, UK is one of the most attractive markets in Europe. The transaction not only further strengthened our leading position in the UK, but also marked another success in our track record of developing, operating and monetizing projects when growing presence in Europe.”
The sale of the solar project comes at an intriguing time for ReneSola and the broader pivot to 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 two-front battle: a literal one which has decimated Ukrainian cities and an infrastructural one which brutally exposed vulnerabilities associated with energy dependencies toward countries with questionable diplomatic profiles.
Invariably, SOL stock has been a beneficiary of the geopolitical backdrop. It kicked off the first full week of April gaining nearly 8% in the morning hours. Over the trailing month, shares are up 12%. But it’s not just individual performances 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 quicker transition to renewables. Specifically, this ambitious pivot calls for fast-tracking deployment of solar and tripling clean energy capacity by 2030.
EU climate policy chief Frans Timmermans summed up the sentiment in Europe, stating on social media, “Let’s now dash into renewables at lightning speed … The faster we move, the sooner we reduce dependency on others.” Unless something dramatically changes this narrative, SOL stock may provide continued upside for interested speculators.
On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.