ReneSola Ltd , a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it formed a strategic partnership with China Resources Leasing Co., Ltd., a subsidiary of China Resources (Holdings) Co., Ltd (“CR” or “China Resources Group”), a conglomerate registered in Hong Kong with seven key strategic business units and over 1,900 business entities.
Under the terms of the partnership agreement, China Resources Leasing will provide ReneSola with an annual credit facility of no less than RMB 1 billion for the Company’s solar downstream project development.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: “We are excited to partner with China Resources. The annual credit facility will provide an important capital infusion enabling us to execute our downstream project development plan. We believe that getting this financial commitment from a high profile and successful firm such as China Resources validates the quality of our project pipeline. We expect project development to continue to drive our growth in 2017 and beyond.”
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola 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.
China Resources Co Ltd, is a diversified holding company registered in Hong Kong. CR was first established as “Liow & Co.” in Hong Kong in 1938, and was later restructured and renamed as China Resources Company in 1948. In 1952, instead of being affiliated to the General Office of the CPC Central Committee, it came under the Central Trade Department (now known as the Ministry of Commerce). In 1983, it was again restructured into China Resources (Holdings) Co., Ltd. In December 1999, CR was no longer linked to the Ministry of Foreign Trade and Economic Cooperation, and came under state management. In 2003, under the direct supervision of SASAC, it became one of the key state-owned enterprises. China Resources (Holdings) Co., Ltd’s main business focus is the export of mainland Chinese products (including energy) to Hong Kong. Its retail operations are organised under the China Resources Retail group, and include Chinese Arts & Crafts; it also runs a number of supermarkets in Hong Kong, originally under the CRC name, but now rebranded as Vanguard. It also owns Ng Fung Hong, the monopoly meat importer into Hong Kong.