ReneSola sells three utility-scale solar projects in China

Solar photovoltaic product manufacturer ReneSola (NYSE: SOL) announced it has sold three utility-scale solar projects that have a combined power generation capacity of 60 megawatts. The projects, located in the Qinghai and Xinjiang provinces in western China, were sold to Jiangsu Akcome Solar Science & Technology Co. for an undisclosed amount.

"Although we remain cautious in regards to investing in solar projects in China, we remain optimistic about China's market for solar projects over the longer term, and we will continue to participate in China projects and explore related opportunities while keeping our capital expenditures to a minimum," said Xianshou Li, chief executive officer of ReneSola.

In 2013, the company's shipments of solar PV modules increased 142.5 percent from the previous year, PV Tech reported. For the fourth quarter of 2013, shipments increased 9.2 percent compared to the previous quarter. The modules sold reached a total capacity of nearly 1.73 gigawatts with the company projecting shipments this year could reach 2.5 GW. 

The company said its net revenue for 2013 rose almost 57 percent year-over-year to $1,519.6 million.

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