ReneSola (SOL) Sells Ibaraki, Japan-Located Solar Power Project

August 26, 2016 6:35 AM EDT

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ReneSola Ltd (NYSE: SOL) announced that it sold a 1.23 MW solar power project located in Ibaraki, Japan. The project qualifies for Japan's 32 Yen feed-in tariff. Revenue from the sale will be recognized in the third quarter and all proceeds have been collected.

ReneSola is developing 31.5 MW of solar PV projects in Japan. Including the Ibaraki project, 29.6 MW are in late stage development and expected to be monetized in the quarters ahead.

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