ReneSola, providers of technology of solar PV products, has entered an agreement with China Seven Star, for a sales partnership of around 200MW of PV projects within 18 months.
A Memorandum of Understanding (MoU) was also signed which stipulates that ReneSola will sell two utility-scale, fully- operational projects, having a total capacity of 9.7 MW situated in Bulgaria to China Seven Star.
Under this agreement, China Seven Star will acquire from ReneSola, PV projects, including four solar parks in Bulgaria and Romania.
The cooperation series on projects will begin with the sale of two plants in Bulgaria by ReneSola to China Seven Star. China Seven Star will then issue new shares to ReneSola in exchange of the shareholder equity of the concerned company. ReneSola and China Seven Star will make separate agreement, for each PV project sale.
Xianshou Li, CEO, ReneSola, said, “The potential sales of the two utility-scale projects in Bulgaria and additional projects comprising a total of 200 MW 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.”
Xinggua Ni, chairman, China Seven Star, said, “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.”
However, there is no confirmation that sales of any PV projects will be completed, as specific provisions regarding the sales are yet to be finalized.