ReneSola has announced the sale of four operational solar farms in the UK totalling 20MW to the investor and fund manager Equitix for its fourth core infrastructure fund.

The utility-scale projects are located in Derbyshire, Devon, Northamptonshire and Nottinghamshire and were all connected to the grid in March 2016 as part of the rush to complete projects in time for the closure of the 1.3 ROC rate.

The sale of the sites, all of which use the Chinese manufacturer’s Virtus II modules, is the latest in a series of deals which have seen ReneSola sell assets shortly after completion.

Xianshou Li, chief executive officer of the Chinese manufacturer, explained: “The sale of the four UK projects extends our track record of rapidly developing and monetising projects in attractive developed markets.

“Because of the potential for fluctuations in the global economy, we have taken measures to protect the value of our project assets. We believe the successful monetisation of our project pipeline along with our improving profitability and balance sheet will provide us with the capital resources to support our growth.

“With more than 300MW of projects in our late-stage development pipeline around the world, we remain confident in our ability to execute our downstream strategy and generate profits and cash flow for the remainder of 2016 and 2017.”

The Equitix Fund IV is aiming to raise £500 million to make investments in core infrastructure projects in the UK and Europe and according to the company has investor commitments of over 75% of its target.