Manufacturer and project developer ReneSola has signed a framework agreement with Beijing Enterprises Clean Energy Group subsidiary to jointly develop 335 megawatt (MW) of rooftop solar projects in China.
Under the agreement, ReneSola will support the engineering, procurement, and construction of the projects, while Beijing Enterprises Clean Energy will finance the projects during construction.
Located in the Chinese provinces of Hebei, Shandong, Fujian, Shanxi and Jiangsu, the projects are expected to be completed next year. Following completion, ReneSola will sell the projects to Beijing Enterprises Clean Energy.
ReneSola's chairman and chief executive officer (CEO) Xianshou Li said: "This agreement confirms our belief that rooftop solar distributed generation projects will be promising in China.
“We entered the China distributed generation market a few months ago and have made impressive progress as we continue to develop more distributed generation pipelines.
“This new business opportunity together with our successful utility scale project development business will contribute meaningfully to our profitability in the year ahead.
"Distributed generation project development fits into our long-term strategy to drive profitable growth by shifting our efforts towards project development and light emitting diode (LED) distribution business."
ReneSola provides energy efficient products and on-time services for EPC, installers, and green energy projects worldwide. Photovoltaic power forms the core business of Beijing Enterprises Clean Energy alongside other supplementary clean energy ventures.