ReneSola Modules Not Subject to ITC Ruling on Anti-Dumping Measures
Company's Diverse Supply Chain Credited for Avoiding U.S. Tariffs
SHANGHAI, Nov. 9, 2012
SHANGHAI, Nov. 9, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the
"Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic
("PV") modules and wafers, today announced that its solar PV modules sold in
the United States are not subject to tariffs on PV modules made with
Chinese-manufactured solar cells, as the Company sources its cells from
countries other than China. This week, the U.S. International Trade Commission
("ITC") upheld higher tariffs that had been imposed last month by the U.S.
Department of Commerce and ruled that U.S. manufacturers had been negatively
impacted as a result of state subsidies for PV modules exported from China.
"As a result of our international supply chain, and insightful planning on the
part of our global management team, ReneSola will not be negatively impacted
by the ITC's recent ruling," said Mr. Xianshou Li, chief executive officer of
ReneSola. "While we question how this ruling will ultimately benefit U.S.
consumers and the overall U.S. solar industry, we will continue to work
diligently to make solar more affordable and widely available through our
economies of scale and by manufacturing modules of the highest quality."
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
the U.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:
Mr. Tony Hung
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Brian Armentrout
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE ReneSola Ltd.
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