SHANGHAI, March 21, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold two projects in Bulgaria to Solar World Invest Fund SIF ("SWIF"). The projects, located in Sliven, are utility scale systems with capacity of 5.0 MW and 4.7 MW, respectively. SWIF is a Luxembourg-based private equity fund with investments in medium-sized solar installations around the world.
Because these projects were deemed as long-term assets on the balance sheet since end of 2013, the sale will be booked as disposal of assets, with no direct impact to the Company's revenue. The transaction consideration is a combination of cash and assumption of project debt. Such structure of the transaction consideration reflects the Company's focus to reduce its debt.
"Our Nove ECO and MG Solar power stations have produced attractive cash flows for us since their completions in the summer of 2012," said Mr. Xianshou Li, ReneSola's chief executive officer. "However, our current project development strategy is to build and transfer select projects in order to enhance our cash flow and pay down debt. This sale is another milestone in our strategic transformation into a leading downstream developer. We look forward to additional monetizations this year as many projects are completed from our 641 MW pipeline."
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.
About Solar World Invest Fund
Solar World Invest Fund SIF is a Specialized Investment Fund (SICAV - SCA) under the laws of Luxembourg and dedicated to investments in solar energy infrastructure. SWIF provides the opportunity for investors to invest in rooftop and ground-mounted solar photovoltaic (PV) plants all over the world. The fund focuses on the management of solar energy power generation installations. SWIF's strategy is to generate competitive returns through selected investments in solar energy and through the sale of the produced electricity. SWIF benefits from the expertise of the IMG (Invest Minguet Gestion) holding which is the umbrella structure of more than thirty Belgian small-and medium-sized enterprises involved in renewable energy, construction of eco-friendly housing and real estate.
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SOURCE ReneSola Ltd.