ReneSola Modules Not Subject to U.S. Duties Associated with Anti-Dumping Case
Diversified Supply Chain Key to Company's U.S. Growth
SHANGHAI, Oct. 16, 2012
SHANGHAI, Oct. 16, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the
"Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic
("PV") modules and wafers, today announced that, as a result of the Company's
diversified supply chain, its products will not be subject to anti-dumping and
countervailing duties recently imposed by the U.S. Department of Commerce on a
range of solar imports originating in China. Although the U.S. International
Trade Commission is expected to make its own determination in November of this
year, ReneSola does not expect its products or U.S. customers to be affected.
(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 )
"The announcement by the Department of Commerce was not a surprise," said Mr.
Xianshou Li, ReneSola's chief executive officer. "In fact, we had been
preparing for this eventuality for months by diversifying our supply chain to
ensure that our prices remain among the most competitive in today's
marketplace. The new duties apply only to China-made cells and to modules
assembled with such cells. The cells we use in the products we sell in the
United States are manufactured outside of China and therefore not subject to
"These duties, which stem from complaints filed by German and U.S.
manufacturers, are being imposed at a time when U.S. regulators should instead
focus on the interests of U.S. consumers. Unfortunately, the tariffs will
mostly harm thousands of U.S.-based installers and developers who will be
forced to raise their prices in order to cover retroactive and anticipated
penalties," added Mr. Li. "ReneSola maintains its deep commitment to research
and development, and to bringing down the costs of solar power for consumers
Founded in 2005, ReneSola (NYSE:SOL) is a leading global manufacturer of
high-efficiency solar PV modules and wafers. Leveraging its proprietary
technologies, economies of scale, and technical expertise, ReneSola uses
in-house virgin polysilicon and a vertically integrated business model to
provide customers with high-quality, cost-competitive products. ReneSola solar
modules have scored top PVUSA Test Conditions (PTC) ratings with high annual
kilowatt-hour output, according to the California Energy Commission (CEC).
ReneSola solar PV modules can be found in projects ranging in size from a few
kilowatts to multi-megawatts in markets around the world, including the United
States, Germany, Italy, Belgium, China, Greece, Spain, and Australia. For more
information, please visit www.ReneSola.com.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act of 1995.
Whenever you read a statement that is not simply a statement of historical
fact (such as when the Company describes what it "believes," "expects" or
"anticipates" will occur, what "will" or "could" happen, and other similar
statements), you must remember that the Company's expectations may not be
correct, even though it believes that they are reasonable. The Company does
not guarantee that the forward-looking statements will happen as described or
that they will happen at all. Further information regarding risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements is included in the Company's filings with
theU.S. Securities and Exchange Commission, including the Company's annual
report on Form 20-F. The Company undertakes no obligation, beyond that
required by law, to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made, even though the
Company's situation may change in the future.
For investor and media inquiries, please contact:
Inthe United States:
Mr. Brian Armentrout
Ms.Jessica Barist Cohen
Ogilvy Financial,New York
SOURCE ReneSola Ltd.
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