ReneSola cuts downstream footprint

ReneSola has announced plans to sell three utility-scale PV projects in western China, signaling a renewed focus on manufacturing at a time when many of its rivals are pushing harder into development and EPC work.

ReneSola has signed a memorandum of intent to sell three grid-connected projects totaling 60MW to Jiangsu Akcome Solar Science & Technology. No timescale or financial details for the deal were disclosed.

The sale will help cut ReneSola’s debt – totaling $831.2m at the end of the last quarter – and boost cash flow, says chief executive Xianshou Li.

“We will have greater flexibility to further expand our business in new and existing markets,” says Li.

The projects-sale announcement comes several weeks after ReneSola revealed plans to close an uncompetitive polysilicon plant in Sichuan province.

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