ReneSola to sell 12.3MW of China rooftop DG projects

ReneSola had entered into an agreement to sell two project companies – including ten rooftop DG projects located in Zhejiang Province – to Shanghai Hongzuo New Energy Company.

Shanghai Hongzuo is a subsidiary of Far East Horizon Company Ltd., a leading financial services institution in China specializing in the investment and operation of new energy industry. The project companies being sold by ReneSola are Ningbo Qixu New Energy Company, Ltd. and Taizhou Dehong New Energy Technology Company, Ltd.

Ms. Shelley Xu, Chief Executive Officer of ReneSola, commented, “This agreement once again demonstrates our ability to develop and monetize projects across the different geographies we serve. As we evolve ReneSola into an asset-light solar project developer, we continue to expect to gradually monetize our China DG assets, further strengthening our balance sheet, reducing leverage, and improving cash flow. In addition to the China domestic market, we continue to pursue opportunities around the world. We believe our development strategy can further capitalize on key trends in solar energy development, such as rooftop DG and community solar.”