Chinese solar firm ReneSola (NYSE: SOL) signed a letter of intent with the Yancheng city government in the Jiangsu province of China to develop a 500-megawatt (MW) on-grid solar power plant.
The project will consist of mainly ground-mounted system applications
and 10 MW of rooftop installations to be built over a 6 year period.
In addition, the Company has been granted the exclusive right in a letter of intent with the Panzhihua east district government, Sichuan province, to develop a 5-MW rooftop project. The project will cover no less than 600,000 square meters for new or existing government buildings, according to a release.
Both projects are subject to feasibility studies and approvals by various government authorities.
"We are delighted to announce the addition of these new projects to our downstream solar project portfolio," said Mr. Xianshou Li, ReneSola’s CEO. "The 500 MW solar project in neighboring Jiangsu province is set to become one of the largest of its kind so far in China. A project of this magnitude will showcase ReneSola’s expertise in utility-scale solar applications and help raise our profile in the downstream space as we position ourselves to benefit from the government’s enhanced focus on renewable energy."
Chinese solar firm SunTech Holdings (NYSE: STP), recently signed similar agreements with four separate provinces to build up to 1.8 GW of photovoltaic power.
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