Renesola, Zhongnan Group in $100 Million Investment Agreement

Shanghai Headquartered ReneSola, which recebtly crossed the 20 GW milestone in cumulative module sales, has announced a USD 100 million strategic investment agreement with Zhongnan Industry (a subsidiary of Zhongnan Holding Group).

The announcement was made on March 31st at the official signing ceremony of the Supply Chain Cooperation Agreement between ReneSola Yixing Co., Ltd. and Zhongnan Industry (a subsidiary of Zhongnan Holding Group) which was held in Yixing City in China.

The agreement envisages  an investment of $100 million by Zhongnan Industry to strengthen ReneSola’s PV module manufacturing supply chain. The supply chain cooperation is all set to begin today, ie, April 1st 2020.

Mr. Sky Wang (CEO of ReneSola Yixing Co., Ltd.) as quoted as saying, “this strategic partnership with Zhongnan Holding Group will add value to our supply chain and enhance our production capacities while allowing us to focus more on the technological advancements in the solutions we provide to our valued customers.”

Mr. Zheng Lei (CEO of Zhongnan Industry, a subsidiary of Zhongnan Holding Group) added, “we are confident that this cooperation with ReneSola, a leading company of the solar industry, will bring both of us a brighter future.”

For Renesola, founded in 2005, the investment is expected to provided critical fuel to pish ahead on its plans in 2020 and beyond in the intensely competitive global market

Zhongnan Industry is a subsidiary of Zhongnan Holding Group and was founded in 2011. The group aims to build a modern enterprise dominated by its two core industries, engineering construction and cultural creativity.

Zhongnan Holding Group was founded in 1988, and now has more than 80,000 employees with two listed companies, Zhongnan Construction (SZ000961) and Zhongnan Panshi New Energy (871460). Zhongnan Holding Group is a top 500 ranked Chinese enterprise whose total sales volume exceeded USD 40 billion in 2019.