Chinese solar panel manufacturer ReneSola has announced plans to construct 550MW of solar projects across seven countries this year.

Currently, the company has 335MW of projects under construction. It plans to fund the construction phase of the new projects through construction loans and payment installments from the buyers.

In the US alone, the company plans to construct 108MW this year, of which 70 MW are community solar projects to be located in California, North Carolina and Minnesota.

ReneSola’s UK portfolio will be increased by 14.3MW and this will include 10MW under the renewables obligation certification programme.

In China, its portfolio is expected to increase to 393MW this year, with 303MW projects currently under construction.

The company plans to build 9MW of small-scale utility projects in Canada under the Feed-in Tariff (FiT) 3.0 in the current calendar year. In Turkey, ReneSola plans to construct 13MW projects this year. 

ReneSola Chairman and CEO Xianshou Li said: "We now anticipate fewer external module shipments in the first quarter of 2017 as we had redirected more module sales to our own downstream projects. That said, we expect project sales to pick up in the second quarter. Overall, we remain optimistic about our project development business. 

“We continue to gain traction in the domestic Chinese distributed generation market and remain focused on executing our efforts in developed markets which are expected to have stable returns and healthy cash flow.  We look forward to further growing this business in the quarters ahead."