Jiangsu Akcome Solar Science & Technology has bought ReneSola's three utility-scale projects in Western China, which have a total capacity of 60MW.
Located in China’s Qinghai and Xinjiang provinces, these projects are connected to the grid.
The companies entered into a memorandum of intent in December 2013, following which the deal was concluded on 31 March 2014.
ReneSola CEO Xianshou Li said the projects demonstrated firm’s ability to develop solar power projects in full cycle and the sale helps to improve overall financial position.
"Although we remain cautious in regards to investing in solar projects in China, we remain optimistic about China’s market for solar projects over the longer term, and we will continue to participate in China projects and explore related opportunities while keeping our capital expenditures to a minimum," added Li.
ReneSola’s PV modules are installed in the projects across the globe, including US, Germany, Italy, Belgium, China, Greece, Spain and Australia.
Image: The solar projects have a total capacity of 60MW. Photo: courtesy of Naypong / FreeDigitalPhotos.net.