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ReneSola to Sell China Plants to Cut Debt Amid New Markets Push

Dec. 30 (Bloomberg) -- ReneSola Ltd., a Chinese solar manufacturer, plans to sell three projects in western China to cut debt and expand in new markets.

The company signed a memorandum of intent to sell the grid-connected projects totaling 60 megawatts to Jiangsu Akcome Solar Science & Technology Co., it said today in a statement. The agreement is still subject to “specific provisions,” Jiashan, Zhejiang-based ReneSola said, without providing further detail.

“Once completed, this deal will enable us to decrease our debt level and increase our cash flow, which will help us improve our financial position,” ReneSola Chief Executive Officer Xianshou Li said. “Thus, we will have greater flexibility to further expand our business in new and existing markets.”

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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