ReneSola Ltd, a leading solar project developer and operator, today announced an equity investment agreement with a strategic investor (the "Investor"). The Investor will invest RMB 200 million in cash to acquire 40.13% of Zhejiang ReneSola Investment Limited, the Company's subsidiary that holds the Company's distributed generation projects in China. The investment closed on May 2, 2018.
Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "This strategic investment provides an important capital infusion enabling us to execute our downstream project development plan in China. We believe that bringing in a strategic investor not only validates the quality of our DG project pipelines, but also creates significant synergies between both parties and enhances market confidence. We are confident that our DG project development in China will continue to drive our growth in 2018 and beyond."
The Company currently has over 187 MW of DG projects under operation, concentrated in a handful of eastern provinces with friendly business environments for DG project development, including Zhejiang, Shanghai and Jiangsu provinces. The provinces in which Renesola operates are the most developed regions in China, with a low risk of subsidy delay or curtailment. The Company anticipates owning 350 to 400 MW of DG projects in China by the end of 2018.
Source: ReneSola Ltd.
Date: May 2, 2018