SHANGHAI, July 31, 2018 /PRNewswire/ -- 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.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Mr. Johnny Pan
+86 (21) 6280-9180 x131
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
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SOURCE ReneSola Ltd.