ReneSola secures RMB 120 million financing facility for solar project

By Sarah Lizee

Olympia, Wash., Aug. 23 – ReneSola Ltd. announced that it secured an RMB 120 million financing facility from China Kangfu International Leasing Co., Ltd, according to a press release.

The financing will be used to support the development of ReneSola’s 30 MW of solar distributed generation projects in Henan Province.

“We are excited to partner with China Kangfu. This facility reinforces our confidence in the enormous potential of China’s domestic distributed generation market,” Xianshou Li, chairman and chief executive officer of ReneSola, said in the release.

“It also demonstrates the confidence that the capital markets put in our ability to successfully develop projects in this market. We look forward to accelerating our distributed generation development in China.”

Shanghai-based ReneSola is a solar project developer and technology provider of energy-efficient products. Beijing-based China Kangfu is a financial leasing subsidiary under the State Power Investment Corp.

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