ReneSola Ltd, a technology provider of solar photovoltaic products, announced that it has completed the sale of three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science & Technology Co., Ltd.
The three utility-scale projects are located in China's Qinghai and Xinjiang provinces and are all connected to the grid. The deal was completed on March 31, 2014 and followed a memorandum of intent signed by the two companies on December 30, 2013.
"We are delighted to have successfully completed the sale of our three utility-scale projects in Western China," said Mr. Xianshou Li, ReneSola's chief executive officer. "These projects demonstrated our ability to develop solar power projects in full cycle, while the sale helps to improve our overall financial position. Although we remain cautious in regards to investing in solar projects in China, we remain optimistic about China's market for solar projects over the longer term, and we will continue to participate in China projects and explore related opportunities while keeping our capital expenditures to a minimum."