ReneSola Signs Framework Agreement with China Seven Star Holdings to Sell PV Projects and MOU to Sell Two Utility-Scale Projects in Bulgaria
JIASHAN, China, July 21, 2014 /PRNewswire/ — ReneSola Ltd (“ReneSola”) (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic (“PV”) products, today announced it has entered a framework agreement (the “Framework Agreement”) with China Seven Star Holdings Limited (“China Seven Star”), a Hong Kong listed company, regarding a partnership in potential sales to China Seven Star of no less than 200 megawatts (“MW”) of existing and new PV projects within 18 months. The parties subsequently signed a Memorandum of Understanding (“MOU”) which stipulates that ReneSola will sell to China Seven Star two utility-scale projects, both of which are completed and connected to the grid, with a total capacity of 9.7 MW in Bulgaria.
Under the terms of the Framework Agreement, China Seven Star seeks to acquire from ReneSola within 18 months no less than 200 MW of PV projects, including but not limited to four existing solar parks in Bulgaria and Romania. The series of PV project cooperation set forth in the Framework Agreement will begin with the sale of two utility-scale projects in Bulgaria by ReneSola to China Seven Star pursuant to the terms of the MOU, where China Seven Star will issue and allocate new shares to ReneSola in exchange for the entire shareholder equity of the project company. For each potential PV project sale under the Framework Agreement, including the Bulgaria projects specified in the MOU, ReneSola and China Seven Star will enter into a separate agreement.
“We are excited to commence our cooperation with China Seven Star,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “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.”
Mr. Xinggua Ni, chairman of China Seven Star, said, “We are delighted to enter into this partnership with ReneSola. 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.”
The framework agreement and the MOU do not constitute final agreements. With specific provisions relating to the sales of projects still to be agreed to, there is no assurance that any sale of PV projects will be completed.
For more information, please visit www.renesola.com
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of green energy products. Leveraging its global presence, and expansive OEM and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.
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