ReneSola is one of the solar companies to get off to a fast start in 2017, with some major business moves. The most recent is a significant strategic partnership with China Resources Leasing for the execution of its downstream project development plan.
The partnership stipulates that China Resources Leasing will provide ReneSola with an annual credit facility of at least RMB 1 billion (US$ 145.8 million). The leasing company is a subsidiary of major Chinese conglomerate China Resources (Holdings) Co. It is part of ReneSola’s strategic business model to expand its downstream project development plans.
“The annual credit facility will provide an important capital infusion enabling us to execute our downstream project development plan,” commented ReneSola Chairman and CEO Xianshou Li. “. We believe that getting this financial commitment from a high profile and successful firm such as China Resources validates the quality of our project pipeline. We expect project development to continue to drive our growth in 2017 and beyond.”
It has been a productive start to the year for ReneSola, after signing an agreement earlier in January with Beijing Enterprises Clean Energy Group to act as EPC for 335 MW of solar rooftop projects in China. The company has committed to complete the distributed solar projects in just six months, with suggests it has a busy 2017 ahead.