ReneSola Secures Project Financing for 30MW of Distributed Generation Projects in China.

ReneSola Ltd, a leading fully-integrated solar project developer and provider of energy-efficient products, today announced it has secured an RMB120 million (US$18 million) financing facility from China Kangfu International Leasing Co., Ltd (“China Kangfu”), an affiliate of State Power Investment Corporation (SPIC).

The financing will be used to support the development of ReneSola’s 30 MW of solar distributed generation projects in Henan Province.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: “We are excited to partner with China Kangfu. This facility reinforces our confidence in the enormous potential of China’s domestic distributed generation market.  It also demonstrates the confidence that the capital markets put in our ability to successfully develop projects in this market.  We look forward to accelerating our distributed generation development in China.”

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer and technology provider of energy efficient products. Leveraging its global presence, expansive distribution and sales network, ReneSola is well positioned to develop green energy projects with attractive return and provide its highest quality green energy products around the world. For more information, please visit www.renesola.com.

About China Kangfu International Leasing

Founded in 1988 and headquartered in Beijing, China Kangfu International Leasing Co., Ltd. is an important financial leasing subsidiary under the State Power Investment Corporation (SPIC). Its major business areas cover energy and electricity, equipment manufacturers outsourcing, healthcare, and operating and cross-border leasing. China Kangfu is listed on China’s New Third Board with stock code: 833499.NE. Its major shareholders include Sany Group, the largest heavy machinery manufacturing firm in China, and Morgan Stanley, the global investment bank.

 

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