Solar project developer ReneSola announced Wednesday that it has secured US$18 million in financing from China Kangfu International Leasing Co. — an affiliate of State Power Investment Corporation.

As a result of this financing, ReneSola will be able to support the development of its 30MW portfolio of solar distributed generation projects in Henan Province, China.

Xianshou Li, chairman and chief executive officer of ReneSola, said: “We are excited to partner with China Kangfu. This facility reinforces our confidence in the enormous potential of China's domestic distributed generation market. It also demonstrates the confidence that the capital markets put in our ability to successfully develop projects in this market. We look forward to accelerating our distributed generation development in China.”

china, financing, renesola

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