ReneSola Signs Agreement to Sell 26MW of Solar Projects in the UK

SHANGHAI, Nov. 10, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products and project developer, today announced that it has signed agreements to sell its six utility-scale projects in the United Kingdom to a European investor. These projects have a combined capacity of approximately 26 MW. 

Powered by ReneSola's Virtus II modules, the six projects are located in Carlam Hill Farm (Yorkshire), North Wales, and Monmouthshire. All of these projects are pre-accredited with a tariff rate of 6.16p/kWh and eligible for a guaranteed export tariff of 4.91p/kWh.

Xianshou Li, ReneSola's Chief Executive Officer, said, "Although the Brexit vote has interjected more uncertainty into the UK political situation, we are finding that demand remains robust for productive solar power assets. We intend to grow our project development business significantly in the quarters ahead, in keeping with our plan to focus our efforts on the best opportunities for attractive and rapid return on investment. We are building our development pipeline even as we execute monetizations such as this agreement, and expect more successful transactions in 2017 and beyond."

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) 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. For more information, please visit www.renesola.com.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd Ms. Rebecca Shen+86 (21) 6280-9180 x106[email protected]

The Blueshirt Group Asia Mr. Gary Dvorchak, CFA+86 (138) 1079-1480[email protected]

In the United States:

The Blueshirt Group  Mr. Ralph Fong+1 (415) 489-2195[email protected]

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SOURCE ReneSola Ltd.