RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2016

17. RELATED PARTY BALANCES AND TRANSACTIONS

(a) Related party balances

Amounts due from related parties are comprised of the following amounts receivable from the sales of goods:

	At December 31,
	2015		2016
Zhejiang Yuhuan⁽¹⁾	$	110,952	$	58,581
Jinko and its subsidiaries⁽²⁾		-		13,007,044
Total	$	110,952	$	13,065,625

Amounts due to related parties are comprised of the following amounts payable to the purchase of raw materials and others:

	At December 31,
	2015		2016
Zhejiang Yaohui⁽⁴⁾	$	2,552,385	$	1,162,849
Jinko and its subsidiaries ⁽²⁾		124,229		94,518
Total	$	2,676,614	$	1,257,367

(b) Related party transactions

During the years ended December 31, 2014, 2015 and 2016, related party transactions were as follows:

	Years ended December 31,
	2014		2015		2016
Sale of goods to Jinko and its subsidiaries⁽²⁾		2,898,698		53,538		40,171,544
Purchase of raw materials from Jinko and its subsidiaries ⁽²⁾		90,409		-		-
Purchase of raw materials from Zhejiang Yaohui⁽⁴⁾		5,759,079		4,581,029		2,280,835
Rental payment to Zhejiang Yuhuan⁽¹⁾		3,246		5,236		15,361
Rental expense incurred associated with using Zhejiang Yuhuan’s premises⁽¹⁾		70,107		67,566		62,349
Loan from Champion era enterprises limited⁽³⁾		4,000,000		3,000,000		-
Repayment to Champion era enterprises limited⁽³⁾		-		7,000,000		-

Mr. Xianshou Li and his family individually or jointly provided guarantees for the Company’s short term and long term borrowings totaling RMB2,060,000,000 ($318,008,380) and RMB 2,030,000,000 ($292,380,900) as of December 31, 2015 and 2016, respectively.

(1)

Zhejiang Yuhuan Solar Energy Source Co., Ltd. (“Zhejiang Yuhuan”) is controlled by Xianshou Li, Chief Executive Officer.

(2)

The brothers of Mr. Xianshou Li are the founders and current shareholders of Jinko Solar Co., Ltd. (“Jinko and its subsidiaries”)

(3)

Champion era enterprises Ltd. is controlled by Xianshou Li. The annualized interest rate of the loan is 5%, and the maturity of the loans are three months for the loans during the years ended December 31, 2015.

(4)

The brother of HR VP and shareholder of ReneSola Ltd is the director of Zhejiang Yaohui Photovoltaic Co., Ltd. (“Zhejiang Yaohui”)