ReneSola is focused on the development of solar projects. As of June 30, 2019, the Company successfully completed 745 MW of solar power projects, and is operating approximately 241 MW solar power projects globally.
Our Project Development business targets a number of countries and regions where the solar power project markets are growing rapidly now, and should sustain that growth due to improved clarity around government policies. We have built local professional teams in more than 10 countries around the world, and our business spreads across the U.S., Canada, China, Poland, Hungary, Spain, France and other emerging markets in Southeast Asia.
As of September 30, 2019, our development pipeline is strong at approximately 1.1 GW, of which 399 MW are late- stage and have a planned commercial operation date (“COD”) in 2019 or 2021. Due to the geographic diversification of our assets, we consider our project profile to be attractive.
The following table highlights our late-stage project pipeline by location:
While our primary focus is the sale of solar projects, which creates an efficient recycling of capital, we also operate an IPP business by retaining some projects primarily in well-developed areas, where we sell the electricity to credit worthy Commercial and Industrial (C&I) off-takers at favorable FiT/PPA.
As we evolve and transform into an asset-light solar project developer, we are on track to monetize our China DG assets, enabling us to strengthen our balance sheet, reduce leverage, and improve cash flow. We plan to use the cash to develop more high-margin solar projects.
We continue to pursue opportunities around the world. In addition to project development and IPP business, following are other services we can offer.
1. Provide advisory services: help third party to have a better knowledge of the local energy policies.E.g. Provide professional analysis of electricity market.
2. Provide Project development services: help third party to develop new energy projects in designated areas and provide construction management as well as financing services.
3. Other services: E.g. Accept the commission of acquiring new energy assets on behalf of energy fund; Offer services including energy asset management, financial work, O&M.