ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it signed a Memorandum of Intent (MOI) to sell three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science & Technology Co., Ltd. ("Jiangsu Akcome") on December 30, 2013.
"Once completed, this deal will enable us to decrease our debt level and increase our cash flow, which will help us improve our financial position. Thus, we will have greater flexibility to further expand our business in new and existing markets," said Mr. Xianshou Li, ReneSola's chief executive officer.
Mr. Chenghui Zou, president of Jiangsu Akcome said, "We have a long-standing relationship with ReneSola and look forward to strengthening our partnership through this acquisition. We respect ReneSola's ability to build top quality solar products, and are confident that this is a win-win deal."
The three utility-scale projects are located in China's Qinghai and Xinjiang provinces and are all connected to the grid.
The proposed transaction does not constitute a final deal, as specific provisions are yet to be determined.
About ReneSola
Founded in 2005, ReneSola (NYSE:SOL) is a leading brand and technology provider of solar PV products. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia. About Jiangsu Ackome
Jiangsu Ackome (SZ: 002610.SZ), founded in Jiangyin, China in 2006, develops, constructs and invests in solar systems and manufactures various solar products, including aluminum frames, EVA film and solar mounting systems. The company sells to leaders in the solar industry across the Asia Pacific, Europe, North America, and Australia.
SOURCE ReneSola Ltd.