ReneSola announced a yearly roadmap to add 550MW of solar projects globally in 2017, extra to the company’s around 335MW solar projects that are under construction.
"Overall, we remain optimistic about our project development business,” commented Xianshou Li, Chairman and Chief Executive Officer of ReneSola. “We continue to gain traction in the domestic Chinese distributed generation market and remain focused on executing our efforts in developed markets which are expected to have stable returns and healthy cash flow. We look forward to further growing this business in the quarters ahead.”
The company’s project pipeline distributes across the globe. In the U.S., ReneSola has 6.8MW of solar under construction and the total construction plan is 108MW in 2017, locating in California, North Carolina and Minnesota. In the U.K. the company intends to add 14.3MW of projects, with 9.9MW are under constructing; 10MW of the additional capacity will enjoy the 1.2 Renewable Obligation Certificate program and will be connected to the grid by March 2017.
In Poland and Canada, ReneSola plans to construct 13MW and 8.9MW of solar, respectively. ReneSola has won 13 solar utility projects in southern Poland, those are eligible for a guaranteed tariff of PLN 408.8/MWh under a 15-year power purchase agreement. Projects in Canada are all small-scale utility projects under FiT 3.0.
Pipeline in both Turkey and France will respectively reach 12.7MW and 2.3MW and all the projects have been started construction.
In China, its home country, ReneSola plans to build 393MW of distributed generation projects in 2017, with 303MW under construction phase. These projects are rooftop-designed and are in shovel-ready stage, locating in Zhejiang, Jiangsu, Anhui, Jiangxi, Shandong, Hubei, Henan, Hebei, Shanxi, Fujian and Guangdong Provinces.
All the projects will be financed by construction loans and funded by the payment installments from the buyers during the construction phase.