STAMFORD, Conn., Dec. 8, 2020 /PRNewswire/ -- ReneSola Ltd
("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE:
SOL), a leading fully integrated solar project developer, today
announced that China's Ministry of
Finance recently approved ten of the Company's rooftop projects to
receive incentive payments. The Company expects to receive payments
in 2021.
In late November 2020, the
Ministry of Finance proposed to review a backlog of renewable
energy projects and qualify them in batches for subsidy payments.
All qualified projects, specifically those that completed all
necessary filings in or after 2006, will be registered. This
indicates that the 25 projects totaling 49 MW —which ReneSola Power
completed between August 2017 and
May 2018 —can be incorporated into
the Ministry's "subsidy catalog".
In early March 2020, the Ministry
of Finance proposed to review renewable energy projects and
incorporate them into the "subsidy catalog" in batches for projects
that were completed before July 31,
2017 or those that had already obtained FIT price in 2019.
ReneSola Power has a total of 32 projects in the first batch of
qualified projects. Of the 32 projects, 10 projects totaling 28 MW
were approved for payments, while the remaining 22 projects of
about 62 MW are currently under review.
Mr. Yumin Liu, Chief Executive
Officer of ReneSola Power, commented, "We applaud the recent
decision by the Ministry of Finance in China to accept all qualified renewable energy
projects for incentive payments. This decision adds support to
China's new policy to get to
neutral carbon emissions by 2060. These developments are positive
for the solar power industry in China and will benefit project developers and
other participants in the solar value chain. Importantly, the
payments will enable ReneSola Power to generate strong cash flow,
and improve the economics of the operating assets we own in
China. We are committed to
developing solar projects globally and remain optimistic about the
growth prospects for the industry."
About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project
developer and operator. The Company focuses on solar power project
development, construction management and project financing
services. With local professional teams in more than 10 countries
around the world, the business is spread across a number of regions
where the solar power project markets are growing rapidly, and can
sustain that growth due to improved clarity around government
policies. The Company's strategy is to pursue high-margin project
development opportunities in these profitable and growing markets;
specifically, in the U.S. and Europe, where the Company has a market-leading
position in several geographies, including Poland, Hungary, Minnesota and New
York.
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SOURCE ReneSola Ltd.