ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold its 300 KW low voltage project in Kyoto, Japan to a local firm that intends to utilize the project to capitalize on tax incentives for investments made in small-scale renewable energy projects.
"The Kyoto project is our first project sale in Japan and continues our momentum as we expand our business across key developed markets within the downstream segment of the solar industry," said Mr. Xianshou Li, ReneSola's chief executive officer. "The project sale is representative of our long-term strategy to build a portfolio of small-sized ground or commercial rooftop projects that we can sell to retail and institutional investors with attractive pricing and favorable payment terms. We have more than 32 MW in our Japan project pipeline and are implementing similar strategies that are focusing on small ground and commercial rooftop projects in other developed markets including the UK, France and the US."
The project features ReneSola Virtus modules and is qualified for Japan's 36 Yen FIT scheme. ReneSola has closed the sale and received all proceeds from the project.
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