ReneSola Signs Agreements To Sell 22.3 MW Of China Distributed Generation Projects

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Renesola, a leading fully integrated solar project developer, today announced that it has entered into an agreement to sell 11 rooftop distributed generation projects located in Zhejiang province to a China state-owned enterprise specializing in the solar energy industry.

Separately, ReneSola announced that it has agreed to sell three small scale DG projects located in Shanghai to a different, undisclosed third party.

The 11 rooftop DG projects in Zhejiang province have an aggregate installed generation capacity of 20.6 MW, and the three small scale DG projects in Shanghai have a combined capacity of 1.7 MW.

Renesola CEO Shelley Xu said: “These agreements once again demonstrate our ability to develop and monetize projects across the different geographies we serve. We believe our ability to execute our business plan will enable us to further strengthen our balance sheet and generate cashflow. With increased activity in project sales, our business momentum has accelerated and we are confident in our revenue expectations for the third quarter and beyond. We continue to look for opportunities to monetize our China DG assets as we transform into an asset-light project developer.”

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