ReneSola Ltd, a leading fully-integrated solar project developer and provider of energy-efficient products, recently announced that it signed a framework agreement with a wholly owned subsidiary of Beijing Enterprises Clean Energy Group Limited (HKEX: 1250) (“Beijing Enterprises Clean Energy”), a Beijing-based, Hong Kong-listed company that engages in the photovoltaic development business, to develop 335 MW of rooftop solar projects in China located in Hebei, Shandong, Fujian, Shanxi and Jiangsu Provinces.Under the terms of the framework agreement, ReneSola will be responsible for the engineering, procurement and construction of the projects, while Beijing Enterprises Clean Energy will provide financing for the projects during construction. Upon completion, ReneSola will sell the projects to Beijing Enterprises Clean Energy Group. The projects are anticipated to be completed by June 30, 2017.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented, “This agreement confirms our belief that rooftop solar distributed generation projects will be promising in China. We entered the China distributed generation market a few months ago and have made impressive progress as we continue to develop more distributed generation pipelines. This new business opportunity together with our successful utility scale project development business will contribute meaningfully to our profitability in the year ahead. Distributed generation project development fits into our long-term strategy to drive profitable growth by shifting our efforts towards project development and LED distribution business.”