ReneSola has sold two projects in Japan. The projects, located in Tochigi Prefecture, are utility scale systems with capacity of 920 kW and 590 kW, respectively, and both are qualified for Japan's 32 Yen FiT scheme. The transaction was closed this week and the Company has received all proceeds from the sale.
"The sale of the Tochigi projects extends our track record of rapidly developing and monetizing projects in attractive developed markets," said Mr. Xianshou Li, ReneSola's chief executive officer. "Japan is one of our focus markets, due to attractive project economics driven by their FiT regime, combined with streamlined development infrastructure. Our project pipeline there is 31 MW, so we expect the region to be a strong source of revenue growth in the years ahead."