ReneSola Signs Non-Binding Offer to Sell 206.8 MW of Distributed Generation Operating Assets in China
SHANGHAI: ReneSola Ltd (“ReneSola” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer and operator, today announced the signing of an exclusivity agreement with an affiliate of Brookfield Asset Management (the “Buyer”). Under the exclusivity agreement, the Company has agreed to negotiate exclusively with the Buyer to sell the Company’s distributed generation (“DG”) operating assets in China, with a total capacity of 206.8MW over a 60-day period.
The Buyer intends to acquire the project-based special purpose vehicles (“SPVs”) associated with the 206.8MW DG operating assets, which are owned by Zhejiang ReneSola Investment Ltd., ReneSola’s subsidiary that holds the Company’s DG projects in China.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: “This transaction will substantially reduce the Company’s leverage ratio and significantly improve cash flow and liquidity. Upon completing this transaction, the proceeds from the sale of the DG operating assets will provide us with more resources and flexibility to deploy our capital.”
Li continued, “We continue to pursue opportunities to develop, build and monetize small-scale and DG projects in China and other geographies, and believe our strategy meets the development trend of solar energy.”
There is no assurance that the Company and the Buyer will enter into a definitive agreement for a potential transaction and there is no assurance as to the form, terms or timing of any transaction even if an agreement is reached between the parties.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer and operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
Source: ReneSola Ltd.
