ReneSola Sells 40.13% Stake in Zhejiang ReneSola Investment for RMB 200 mn

Zhejiang ReneSola Investment Ltd holds the company's distributed generation projects in China.

Solar project developer and operator ReneSola has sold 40.13 percent stake of its Chinese subsidiary, Zhejiang ReneSola Investment Ltd, to an undisclosed investor for about RMB 200 mn in cash.

Zhejiang ReneSola Investment Ltd holds the company's distributed generation projects in China.

Further, the investment transaction was also closed on May 2, 2018.

Commenting on the development, ReneSola, Chief Executive Officer, Xianshou Li said, “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,” Li said.

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.