ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold two projects in Bulgaria to Solar World Invest Fund SIF (“SWIF”).  The projects, located in Sliven, are utility scale systems with capacity of 5.0 MW and 4.7 MW, respectively.  SWIF is a Luxembourg-based private equity fund with investments in medium-sized solar installations around the world.

Because these projects were deemed as long-term assets on the balance sheet since end of 2013, the sale will be booked as disposal of assets, with no direct impact to the Company’s revenue.  The transaction consideration is a combination of cash and assumption of project debt.  Such structure of the transaction consideration reflects the Company’s  focus to reduce its debt.

“Our Nove ECO and MG Solar power stations have produced attractive cash flows for us since their completions in the summer of 2012,” said Mr. Xianshou Li,ReneSola’s chief executive officer.  “However, our current project development strategy is to build and transfer select projects in order to enhance our cash flow and pay down debt.  This sale is another milestone in our strategic transformation into a leading downstream developer.  We look forward to additional monetizations this year as many projects are completed from our 641 MW pipeline.” (Original Source)

Shares of Renesola closed last Friday at $1.51, up $0.05 or 3.42%. SOL has a 1-year high of $1.97 and a 1-year low of $0.91. The stock’s 50-day moving average is $1.42 and its 200-day moving average is $1.39.

On the ratings front, Renesola has been the subject of a number of recent research reports. In a report issued on March 9, Roth Capital analyst Philip Shen reiterated a Hold rating on SOL, with a price target of $1.45, which represents a slight downside potential from current levels. Separately, on March 8, Credit Suisse’s Patrick Jobin maintained a Sell rating on the stock and has a price target of $1.50.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Patrick Jobin have a total average return of -16.5% and -17.8% respectively. Shen has a success rate of 28.7% and is ranked #3727 out of 3760 analysts, while Jobin has a success rate of 29.4% and is ranked #3621.

ReneSola Ltd is a manufacturer of solar wafers and producer of solar power products based in China, which are thin sheets of crystalline silicon material made by slicing monocrystalline or multicrystalline ingots.