ReneSola, a leading solar project developer, has agreed to sell two project companies and 10 solar rooftop DG projects to Shanghai Hongzuo New Energy Company, a subsidiary of Chinese financial services institution Far East Horizon Company.
The amount of the transaction was not disclosed.
The companies to change hands are solar products manufacturer Ningbo Qixu New Energy Company, and Taizhou Dehong New Energy Technology Company. Additionally, the 10 rooftop projects, located in the Zhejiang Province in eastern China, have an aggregate capacity of 12.3 megawatts.
ReneSola is seeking to evolve into an asset-light solar project developer, pursuing opportunities both in the domestic China market and around the world, according to Shelley Xu, chief executive officer of ReneSola.
“This agreement once again demonstrates our ability to develop and monetize projects across the different geographies we serve,” she said. “We believe our development strategy can further capitalize on key trends in solar energy development, such as rooftop DG and community solar.”
