Tier-one PV manufacturer, ReneSola has said that a new framework agreement with Chinese retailer, China Seven Star Holdings, could lead to the sale of around 200MW of existing and planned PV projects within 18 months.
ReneSola said that an MOU had also been signed with China Seven Star over the sale of two existing utility-scale projects in Bulgaria, totalling 9.7MW. The future planned projects were said to be located in Bulgaria and Romania.
Xinggua Ni, chairman of China Seven Star, said, “We are delighted to enter into this partnership with ReneSola. We believe ReneSola can bring along its technological expertise and experience in the PV project development, which will accelerate our growth in the downstream solar market. We look forward to further cooperation with ReneSola in the future.”
Unusual in the MOU is that China Seven Star plans to issue and allocate new shares to ReneSola in exchange for purchase of the two PV power plants in Bulgaria, while a separate unspecified agreement would be struck in connection with the planned projects in Bulgaria and Romania. China Seven Star is listed on the Hong Kong stock exchange.
Xianshou Li, ReneSola's chief executive officer, said: “The potential sales of the two utility-scale projects in Bulgaria and additional projects comprising a total of 200MW represent a continuation of our strategy of selectively developing solar power projects. We wish to be involved in the full cycle of PV project development, while continuing to maintain our capital and debt controls and to improve our overall financial position.”