ReneSola sells stake in China DG solar business for $31.5 million

ReneSola Ltd has sold a 40.13% stake in its Zhejiang ReneSola Investment Limited subsidiary, which deals with its distributed generation (DG) solar PV projects in China.

ReneSola has made the transition to becoming a downstream solar project developer.

Image: ReneSola

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The unnamed investor has paid RMB 200 million (around US$31.5 million) for the stake in ReneSola, which has over 187 MW of operational DG solar projects, and an additional 28 MW under construction. By the end of this year, it intends to own 350 to 400 MW of DG projects in China.

Overall, the Chinese solar PV project developer says it has a global PV project pipeline totaling around 1.1 GW, of which 92.2 MW of these are under construction.

“This strategic investment provides an important capital infusion enabling us to execute our downstream project development plan in China …We are confident that our DG project development in China will continue to drive our growth in 2018 and beyond,” said ReneSola CEO, Xianshou Li.

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Of the 9.65 GW of solar PV China installed in the first quarter of 2018, 7.68 GW comprised DG systems, reported China’s National Energy Administration (NEA) at the end of last month. This is the first time new DG installations have overtaken utility-scale solar in China. Cumulative DG capacity as of the end of 2017 is said to be 19 to 20 GW.

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