ReneSola Signs Agreement to Sell 12.3MW of China Rooftop DG Projects

SHANGHAI, July 15, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) SOL, a leading solar project developer, today announced that it had entered into an agreement to sell two project companies - including ten rooftop DG projects located in Zhejiang Province - to Shanghai Hongzuo New Energy Company. The ten rooftop projects have an aggregate capacity of 12.3MW.

Shanghai Hongzuo is a subsidiary of Far East Horizon Company Ltd., a leading financial services institution in China specializing in the investment and operation of new energy industry. The project companies being sold by ReneSola are Ningbo Qixu New Energy Company, Ltd. and Taizhou Dehong New Energy Technology Company, Ltd.

Ms. Shelley Xu, Chief Executive Officer of ReneSola, commented, "This agreement once again demonstrates our ability to develop and monetize projects across the different geographies we serve. As we evolve ReneSola into an asset-light solar project developer, we continue to expect to gradually monetize our China DG assets, further strengthening our balance sheet, reducing leverage, and improving cash flow. In addition to the China domestic market, we continue to pursue opportunities around the world. We believe our development strategy can further capitalize on key trends in solar energy development, such as rooftop DG and community solar."

About Far East Horizon Ltd.

Listed on the main board of the Hong Kong Stock Exchange (stock code 03360.HK), Far East Horizon Co. Ltd. is a financial services provider. The Company specializes in providing financing solutions through equipment-based financial leasing. Far East focuses on multiple industries, including healthcare, education, infrastructure construction, shipping, printing and machinery industries. Far East Horizon is headquartered in Hong Kong, with business operation centers in Shanghai and Tianjin, and offices in other major cities, including Beijing, Shenyang, Jinan, Zhengzhou, Wuhan, Chengdu, Chongqing, Changsha, Shenzhen, Xi'an, Harbin, Xiamen, Kunming, Hefei, Nanning and Urumuqi. 

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola SOL is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd,

Ms. Ella Li

+86 (21) 6280-9910 x206

ir@renesolapower.com

The Blueshirt Group Asia

Mr. Gary Dvorchak, CFA

+86 (138) 1079-1480

gary@blueshirtgroup.com

In the United States:

The Blueshirt Group

Mr. Ralph Fong

+1 (415) 489-2195

ralph@blueshirtgroup.com

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SOURCE ReneSola Ltd.