Energy efficient product maker ReneSola has announced completion of sale of its 300 kW low voltage project in Kyoto, Japan.
The project has been acquired by a local firm which intends to utilize it to capitalize on tax incentives for investments made in small-scale renewable energy projects, the company has stated.
According to Xianshou Li, the chief executive officer of Renesola, the sale marked the company’s first in Japan. The company expects the momentum to continue as it expands its downstream business.
“The project sale is representative of our long-term strategy to build a portfolio of small-sized ground or commercial rooftop projects which can be sold to retail and institutional investors with attractive pricing and favorable payment terms,” Xianshou said.
Renesola has a project pipeline constituting 32 MW of capacity in Japan. It is implementing similar strategies focused on small ground and commercial rooftop projects in other developed markets including the UK, France and the US.”
The project ReneSola has sold employs Virtus modules and is qualified for Japan’s 36 Yen Feed-in Tariff scheme. The company has closed the sale and received all proceeds from the project, the statement adds.
Ajith Kumar S