ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading fully integrated solar project developer, announced that it entered into an agreement to sell eleven rooftop DG projects located in Zhejiang Province to a China state-owned enterprise specializing in the solar energy industry. Separately, ReneSola announced that it agreed to sell three small-scale DG projects located in Shanghai to a different undisclosed third party.
The eleven rooftop DG projects located in Zhejiang Province have an aggregate installed capacity of 20.6MW, and the three small-scale DG projects located in Shanghai have a combined capacity of 1.7MW.
Ms. Shelley Xu, Chief Executive Officer of ReneSola, commented, "These agreements once again demonstrate our ability to develop and monetize projects across the different geographies we serve. We believe our ability to execute our business plan will enable us to further strengthen our balance sheet and generate cash flow. 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. We continue to look for opportunities to monetize our China DG assets, as we transform into an asset-light project developer."
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