ReneSola provided an updated outlook for its solar rooftop project pipeline in China.
As of January 31, 2017, RenaSola had over 393 MW of solar rooftop projects in "shovel-ready" stage. All of the projects have been filed with National Development and Reform Commission, and the Company has obtained legal rights to develop these projects. The projects are located in Zhejiang, Jiangsu, Anhui, Jiangxi, Shandong, Hubei, Henan, Hebei, Shanxi, Fujian and Guangdong Provinces.
According to China's 13th Five-Year Plan for Development of Power Industry, the country is targeting an installed capacity of distributed generation solar power of 60 GW by 2020. China had 10 GW installed capacity of distributed generation solar power at the end of 2016 according to National Energy Administration.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "We are more optimistic than ever about our project development business. Two years ago, we redirected our business development to focus on utility scale projects in mature markets. In 2016, we identified the great opportunity in China's domestic distributed generation market. Over the last few months, our domestic distributed generation pipeline has expanded rapidly from 16 MW as of August 31, 2016 to 393 MW as of January 31, 2017, demonstrating the potential of this opportunity. We look forward to growing this business in the quarters ahead."