SHANGHAI, Feb. 6, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today provided an updated outlook for its solar rooftop project pipeline in China.
As of January 31, 2017, the Company had over 393 MW of solar rooftop projects in "shovel-ready" stage. All of the projects have been filed with National Development and Reform Commission, and the Company has obtained legal rights to develop these projects. The projects are located in Zhejiang, Jiangsu, Anhui, Jiangxi, Shandong, Hubei, Henan, Hebei, Shanxi, Fujian and Guangdong Provinces.
According to China's 13th Five-Year Plan for Development of Power Industry, the country is targeting an installed capacity of distributed generation solar power of 60 GW by 2020. China had 10 GW installed capacity of distributed generation solar power at the end of 2016 according to National Energy Administration.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "We are more optimistic than ever about our project development business. Two years ago, we redirected our business development to focus on utility scale projects in mature markets. In 2016, we identified the great opportunity in China's domestic distributed generation market. Over the last few months, our domestic distributed generation pipeline has expanded rapidly from 16 MW as of August 31, 2016 to 393 MW as of January 31, 2017, demonstrating the potential of this opportunity. We look forward to growing this business in the quarters ahead."
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.
Safe Harbor Statement
This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
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SOURCE ReneSola Ltd.