ReneSola announced a strategic investor will invest RMB 200 million in cash to buy 40.13 percent stake in Zhejiang ReneSola Investment.
Zhejiang ReneSola Investment is a subsidiary of ReneSola. It holds the company’s distributed generation projects in China. ReneSola did not name the strategic investor.
ReneSola CEO Xianshou Li said: “This investment provides an important capital infusion enabling us to execute our downstream project development plan in China.”
ReneSola currently has over 187 MW of DG projects under operation, concentrated in a handful of eastern provinces, including Zhejiang, Shanghai and Jiangsu provinces.
ReneSola said the provinces in which Renesola operates are the most developed regions in China, with a low risk of subsidy delay or curtailment. The company anticipates owning 350 to 400 MW of DG projects in China by the end of 2018.