China Seven Star will acquire no less than 200MW of PV projects, including but not limited to four existing solar parks in Bulgaria and Romania.

A memorandum of understanding (MOU) has also been signed by ReneSola to sell two utility-scale projects, both of which are completed and connected to the grid, with a total capacity of 9.7MW in Bulgaria, to China Seven Star.

In exchange for the entire shareholder equity of the project company, China Seven Star will issue and allocate new shares to ReneSola, as part of the MOU.

ReneSola and China Seven Star will enter into a separate agreement for each potential PV project sale under the framework agreement, including the Bulgaria projects specified in the MOU.

ReneSola chief executive officer Xianshou Li said: "The potential sales of the two utility-scale projects in Bulgaria and additional projects comprising a total of 200 MW represent a continuation of our strategy of selectively developing solar power projects.

"We wish to be involved in the full cycle of PV project development, while continuing to maintain our capital and debt controls and to improve our overall financial position."

China Seven Star chairman Xinggua Ni said: "We are delighted to enter into this partnership with ReneSola. We believe ReneSola can bring along its technological expertise and experience in the PV project development, which will accelerate our growth in the downstream solar market."