ReneSola to shed 22.3MW of Chinese DG solar projects
Solar on the roof. Author: Marufish. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Solar project developer ReneSola (NYSE:SOL) has agreed to offload two separate portfolios of distributed generation (DG) photovoltaic (PV) projects in China with a combined capacity of 22.3 MW.
The Chinese company said in a press release on Wednesday it will sell 11 rooftop solar projects in Zhejiang Province to an unnamed state-owned company in China operating on the solar market. The assets in question have a total capacity of 20.6 MW. Additionally, Renesola has signed an agreement to shed three small-scale DG projects in Shanghai of 1.7 MW in total to a separate buyer, also with an undisclosed name.
Financial details about the two agreements were not provided.
Shelley Xu, CEO of ReneSola, commented that the agreements are in line with the company’s plan to transform into “an asset-light project developer” and will further strengthen its balance sheet. “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,” he added.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.