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ReneSola Ltd. has signed a memorandum of intent to sell three utility-scale projects with a total capacity of 60 MW to Jiangsu Akcome Solar Science & Technology Co. Ltd. The three solar facilities are located in China's Qinghai and Xinjiang provinces and are all connected to the grid.

ReneSola says the memorandum does not constitute a final deal, as specific provisions are yet to be determined.

"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," says ReneSola CEO Xianshou Li. "Thus, we will have greater flexibility to further expand our business in new and existing markets."

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