Shanghai, China /PRNewswire/ - ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it signed a framework agreement with a wholly owned subsidiary of Beijing Enterprises Clean Energy Group Limited (HKEX: 1250) ("Beijing Enterprises Clean Energy"), a Beijing-based, Hong Kong-listed company that engages in the photovoltaic development business, to develop 335 MW of rooftop solar projects in China located in Hebei, Shandong, Fujian, Shanxi and Jiangsu Provinces.
Under the terms of the framework agreement, ReneSola will be responsible for the engineering, procurement and construction of the projects, while Beijing Enterprises Clean Energy will provide financing for the projects during construction. Upon completion, ReneSola will sell the projects to Beijing Enterprises Clean Energy Group. The projects are anticipated to be completed by June 30, 2017.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented, "This agreement confirms our belief that rooftop solar distributed generation projects will be promising in China. We entered the China distributed generation market a few months ago and have made impressive progress as we continue to develop more distributed generation pipelines. This new business opportunity together with our successful utility scale project development business will contribute meaningfully to our profitability in the year ahead. Distributed generation project development fits into our long-term strategy to drive profitable growth by shifting our efforts towards project development and LED distribution business."
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 energy efficient products. Leveraging its global presence and expansive distribution 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.
About Beijing Enterprises Clean Energy
Beijing Enterprises Clean Energy was incorporated in Cayman Islands with limited liability and shares of which are listed on the main board of The Stock Exchange of Hong Kong Limited, stock code: 1250. The single largest controlling shareholder of Beijing Enterprises Clean Energy is Beijing Enterprises Water Group Limited (a company listed on the main board of The Stock Exchange of Hong Kong Limited, stock code: 371). Beijing Enterprises Clean Energy has positioned itself strategically as a leading corporate in China and abroad on electricity generation and sales of photovoltaic power, specializing in photovoltaic power business as its core focus and other clean energy businesses as its supplementary businesses. Beijing Enterprises Clean Energy's businesses comprise development, acquisition, construction and operation of grid-connected and ground-mounted photovoltaic power plants, distributed photovoltaic power plants and micro-grid and off-grid energy storages. Meanwhile, Beijing Enterprises Clean Energy actively researches opportunities to venture into other clean energy areas such as wind power, hydropower and geothermal energy. For more information, please visit Beijing Enterprises Clean Energy's website at: http://www.bece.com.hk
Safe Harbor Statement
This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
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