Chinese solar project developer and operator Renesola Ltd. announced an equity investment agreement with a strategic investor. The unnamed investor will invest CNY 200 million ($31.5 million) in cash to acquire 40.13 percent of Zhejiang Renesola Investment Limited, the company's subsidiary that holds the company's distributed generation projects in China. The investment closed on May 2, 2018.
According to Xianshou Li, Renesola's Chief Executive Officer, this »capital infusion enabling us to execute our downstream project development plan in China. We are confident that our DG project development in China will continue to drive our growth in 2018 and beyond.«
The company currently has over 187 MW of DG projects under operation, concentrated in a handful of eastern provinces, including Zhejiang, Shanghai and Jiangsu. Renesola anticipates owning 350 to 400 MW of DG projects in China by the end of 2018.
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