July 16 (Renewables Now) - Chinese solar project developer ReneSola Ltd (NYSE:SOL) said on Monday it has agreed to sell a 12.3-MW portfolio of rooftop photovoltaic (PV) projects in China to a unit of domestic financial group Far East Horizon Company.
More specifically, ReneSola will offload two project companies, namely Ningbo Qixu New Energy Co Ltd and Taizhou Dehong New Energy Technology Co Ltd, including the 10 rooftop distributed generation (DG) project to Shanghai Hongzuo New Energy Co. All schemes part of the agreement are located in Zhejiang Province, eastern China.
Financial terms of the deal were not disclosed.
ReneSola’s CEO Shelly Xu explained that the sale is in line with the company’s vision to become an “asset-light solar project developer” and added ReneSola will continue to pursue opportunities to monetise projects globally, not only in China. “We believe our development strategy can further capitalize on key trends in solar energy development, such as rooftop DG and community solar," he said.