ReneSola Ltd, a solar PV project developer and provider of energy-efficient products, has announced that it sold a 1.23 MW solar power project located in Ibaraki, Japan.
The project qualifies for Japan's 32 Yen feed-in tariff (US$0.32). Revenue from the sale will be recognized in the third quarter and all proceeds have been collected.
More details of the transaction have not yet been disclosed.
ReneSola is developing 31.5 MW of solar PV projects in Japan. Including the Ibaraki project, 29.6 MW are in late stage development and expected to be monetized in the quarters ahead.
Ibaraki is a Japanese prefecture bordering the Pacific Ocean northeast of Tokyo.
We recently reported that ReneSola sold four operational, photovoltaic assets in England to the Equitix Fund IV. All of these projects were connected to the grid in March 2016 and are qualified under the 1.3 Renewable Obligations Certificate (ROC) program.