ReneSola Provides Solid Outlook for China Distributed Generation Business
As of January 31, 2017, the Company had over 393 MW of solar rooftop projects in "shovel-ready" stage. All of the projects have been filed with National Development and Reform Commission, and the Company has obtained legal rights to develop these projects.
SHANGHAI, Feb. 6, 2017 /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 provided an updated outlook for its solar rooftop project pipeline in China.
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As of January 31, 2017, the Company had over 393 MW of solar rooftop projects in "shovel-ready" stage. All of the projects have been filed with National Development and Reform Commission, and the Company has obtained legal rights to develop these projects. The projects are located in Zhejiang, Jiangsu, Anhui, Jiangxi, Shandong, Hubei, Henan, Hebei, Shanxi, Fujian and Guangdong Provinces.
According to China's 13th Five-Year Plan for Development of Power Industry, the country is targeting an installed capacity of distributed generation solar power of 60 GW by 2020. China had 10 GW installed capacity of distributed generation solar power at the end of 2016 according to National Energy Administration.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "We are more optimistic than ever about our project development business. Two years ago, we redirected our business development to focus on utility scale projects in mature markets. In 2016, we identified the great opportunity in China's domestic distributed generation market. Over the last few months, our domestic distributed generation pipeline has expanded rapidly from 16 MW as of August 31, 2016 to 393 MW as of January 31, 2017, demonstrating the potential of this opportunity. We look forward to growing this business in the quarters ahead."
About ReneSola
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.
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