ReneSola to sell 60MW solar power projects in China

China-based ReneSola has signed a Memorandum of Intent (MOI) with Jiangsu Akcome Solar Science & Technology to sell three utility-scale projects in Western China.

The projects totaling 60MW are situated in Qinghai and Xinjiang provinces and all are connected to grid.

The companies have to sign a final deal for the proposed transaction, as specific provisions are yet to be determined.

ReneSola CEO Xianshou Li said the deal will enable the company to decrease debt level and increase cash flow.

"Thus, we will have greater flexibility to further expand our business in new and existing markets," Li added.

Jiangsu Akcome president Chenghui Zou said the company has a long-standing relationship with ReneSola and looking forward to strengthen partnership through the acquisition.

"We respect ReneSola’s ability to build top quality solar products, and are confident that this is a win-win deal," Zou added.

ReneSola’s solar PV modules can be found in markets around the world such as the US, Germany, Italy, Belgium, China, Greece, Spain and Australia.

Jiangsu Ackome develops, constructs and invests in solar systems and manufactures different solar products such as aluminum frames, EVA film and solar mounting systems.