ReneSola Reports Framework Deal with China Seven Star Holdings for Sale of Two Utility-Scale Projects in Bulgaria
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
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