The transaction will also transfer substantially all of ReneSola's related indebtedness to Li. Other outcomes of the transaction include the following: i) The Company will no longer be liable for the bank borrowings in excess of RMB 3 billion, and the Buyer and his spouse will continue to provide personal guarantees for a majority of such bank's borrowings; ii) The acquired businesses will cancel approximately $217.3 million of intercompany payables owed to it by the Company; and iii) The Company will issue 180 million ordinary shares to ReneSola Singapore, an entity to be fully owned by the Buyer upon completion. Li said ReneSola is exiting the manufacturing business as it has been impaired by overcapacity, pricing pressure and low profitability. Instead the company is focusing the rapidly growing and profitable project development market. Since entering the project development business, ReneSola has developed over 480 MW of projects around the world.