ReneSola to Sell two Energy Companies & 10 Rooftop Projects in China

ReneSola has entered into an agreement to sell two project companies, including 10 rooftop projects in Zhejiang Province of China to Shanghai Hongzuo New Energy Company.

ReneSola, a leading solar project developer, has announced that it had entered into an agreement to sell two project companies – including ten rooftop projects located in Zhejiang Province of China to Shanghai Hongzuo New Energy Company. The ten rooftop projects have an aggregate capacity of 12.3MW.

Shanghai Hongzuo is a subsidiary of Far East Horizon Company Ltd., a leading financial services institution in China specialising in the investment and operation of the 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.

Shelley Xu, Chief Executive Officer of ReneSola, said, “This agreement once again demonstrates our ability to develop and monetise projects across the different geographies we serve. As we evolve ReneSola into an asset-light solar project developer, we continue to expect to gradually monetise 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.”

In June, we reported that ReneSola has entered into a development service agreement with X-Elio North America, a subsidiary of X-Elio, a Spain-based company specialising in the development, construction, operation and maintenance of solar plants. Under the agreement, the Company’s North American development team will originate and develop large utility-scale solar projects for X-Elio.  The parties are conducting joint diligence on an initial portfolio of projects in California, Oregon and Utah with a total installed capacity of over 500 MW, many of which will include a battery storage system.

Under the terms of the agreement,  ReneSola will assist X-Elio with obtaining site control, permitting, interconnection and off-take agreements.  Additionally, ReneSola expects to provide further support, as X-Elio carries the projects through the financing and construction phases.