ReneSola has announced it signed a Memorandum of Intent (MOI) to sell three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science and Technology on December 30, 2013.

"Once completed, this deal will enable us to decrease our debt level and increase our cash flow, which will help us improve our financial position. Thus, we will have greater flexibility to further expand our business in new and existing markets," said Mr. Xianshou Li, ReneSola's chief executive officer.

Mr. Chenghui Zou, president of Jiangsu Akcome said, "We have a long-standing relationship with ReneSola and look forward to strengthening our partnership through this acquisition. We respect ReneSola's ability to build top quality solar products, and are confident that this is a win-win deal."

The three utility-scale projects are located in China's Qinghai and Xinjiang provinces and are all connected to the grid.

The proposed transaction does not constitute a final deal, as specific provisions are yet to be determined.