ReneSola announced the sale of a 300kW solar PV project in Kyoto, Japan. The Kyoto project was sold to a local firm that intends to utilize the project to capitalize on tax incentives for investments made in small-sale renewable energy projects. The project has been qualified for Japan’s JPY 36 yen/kWh FIT scheme.

The Kyoto project is ReneSola’s first project sale in Japan, marking the company’s momentum and the expansion plan for its business across key downstream markets such as Japan. It also represents the company’s long-term strategy to build a portfolio of small-scale ground/commercial rooftop projects so that they can sell to retail and institutional investors with attractive pricing and favorable payment terms.

Mr. Xianshou Li, ReneSola's chief executive officer, said that “We have more than 32 MW in our Japan project pipeline and are implementing similar strategies that are focusing on small ground and commercial rooftop projects in other developed markets including the UK, France and the US."

The 300kW Kyoto project features ReneSola’s Virtus PV modules, and the sale has been closed and all proceeds from the project have been provided.