Renesola inks 200MW project deal

Chinese PV group Renesola has signed a framework deal with China Seven Star Holdings to sell it at least 200MW of projects, starting with 9.7MW of operating capacity in Bulgaria.

Renesola said it has signed a memorandum of understanding with China Seven Star that will see the latter acquire the two grid-connected plants in Bulgaria.

The two companies envisage that deal will be followed by two plants in Romania and subsequent projects over the next 18 months.

New York-listed Renesola – China’s fifth-largest module supplier – said the agreement formed part of its strategy of developing selected PV projects where appropriate.

Xianshou Li, Renesola’s CEO said: “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."

China Seven Star said: "We believe ReneSola can bring along its technological expertise and experience in PV project development, which will accelerate our growth in the downstream solar market.”