SOFIA (Bulgaria), July 21 (SeeNews) – China's ReneSola, a global provider of photovoltaic (PV) products, said on Monday it will sell to China Seven Star Holdings Limited two utility-scale projects with a total capacity of 9.7 megawatts (MW) in Bulgaria.
The parties signed a memorandum of understanding which stipulates ReneSola will sell the two projects, which are are completed and connected to the grid, to China Seven Star, ReneSola said in a press release.
ReneSola and China Seven Star have entered a framework agreement regarding potential sales of no less than 200 MW of existing and new PV projects within 18 months, including but not limited to four existing solar parks in Bulgaria and Romania.
The series of PV project cooperation set forth in the agreement will begin with the sale of the two utility-scale projects in Bulgaria pursuant to the terms of the memorandum of understanding, according to which China Seven Star will issue and allocate new shares to ReneSola in exchange for the entire shareholder equity of the project company.
For each potential PV project sale under the agreement, including the Bulgaria projects specified in the memorandum, ReneSola and China Seven Star will enter into a separate agreement.
"The potential sales of the two utility-scale projects in Bulgaria and additional projects comprising a total of 200 MW represent a continuation of our strategy of selectively developing solar power projects. We wish to be involved in the full cycle of PV project development, while continuing to maintain our capital and debt controls and to improve our overall financial position," ReneSola's chief executive officer Xianshou Li said in the statement.
The framework agreement and the memorandum of understanding do not constitute final agreements. With specific provisions relating to the sales of projects still to be agreed to, there is no assurance that any sale of PV projects will be completed, the statement added.
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