ReneSola & Wuzhong Government to Develop 150-MW Solar Project

ReneSola Ltd. has been granted the exclusive right to develop a 150-megawatt (MW) on-grid solar power project with a budgeted total investment of RMB 4.8 billion [US $706 million]. The agreement is the result of a letter of intent (LOI) signed with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region.

The project, which is subject to a feasibility study and government permits and approvals, has a four-year, four-phase construction period that is expected to begin in 2010.

“We are pleased to announce our new 150 MW on-grid solar project in Wuzhong, which adds to our track record of partnering with local governments to develop sustainable solar projects,” said Xianshou Li, ReneSola’s CEO. “Our vertically integrated solar manufacturing capabilities continue to position us to capture opportunities presented by the government’s increased focus on establishing alternative energy sources.”

This news follows reports last week that the Chinese government is readying a feed-in tariff (FIT) for utility-scale solar plants that will dwarf the country’s previous solar subsidies, and drive a wave of investment into the sector.

The FIT will likely fall in ¥1.09-1.50 [US $0.16-0.22] range per kWh of electricity produced at large-scale photovoltaic (PV) arrays, like the Renesola project, and could be in place by the end of the year.

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