ReneSola Signs Memorandum of Intent to Sell Three Utility-Scale Projects in China
JIASHAN, China, Dec. 30, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it signed a Memorandum of Intent (MOI) to sell three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science & Technology Co., Ltd. ("Jiangsu Akcome") on December 30, 2013.
"Once completed, this deal will enable us to decrease our debt level and increase our cash flow, which will help us improve our financial position. Thus, we will have greater flexibility to further expand our business in new and existing markets," said Mr. Xianshou Li, ReneSola's chief executive officer.
Mr. Chenghui Zou, president of Jiangsu Akcome said, "We have a long-standing relationship with ReneSola and look forward to strengthening our partnership through this acquisition. We respect ReneSola's ability to build top quality solar products, and are confident that this is a win-win deal."
The three utility-scale projects are located in China's Qinghai and Xinjiang provinces and are all connected to the grid.
The proposed transaction does not constitute a final deal, as specific provisions are yet to be determined.
Founded in 2005, ReneSola (NYSE: SOL) is a leading brand and technology provider of solar PV products. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia. For more information, please visit www.renesola.com.
About Jiangsu Akcome
Jiangsu Akcome (SZ: 002610.SZ), founded in Jiangyin, China in 2006, develops, constructs and invests in solar systems and manufactures various solar products, including aluminum frames, EVA film and solar mounting systems. The company sells to leaders in the solar industry across the Asia Pacific, Europe, North America, and Australia. For more information, please visit http://www.akcome.com/en/index.asp.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries, please contact:
Ms. Laura Chen
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Justin Knapp
Ogilvy Financial, U.S.
SOURCE ReneSola Ltd.