ReneSola Ltd. Announces Third Quarter 2012 Results

              ReneSola Ltd. Announces Third Quarter 2012 Results

Exceeds guidance with record solar wafer and module shipments of 533 MW

Achieves guidance with revenues of US$218.2 million

Expects solar module shipments to increase over 75% quarter over quarter in Q4

PR Newswire

JIASHAN, China, Nov. 30, 2012

JIASHAN, China, Nov. 30, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the
"Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic
("PV") modules and wafers, today announced its unaudited financial results for
the third quarter ended September 30, 2012.


Third Quarter 2012 Financial and Operating Highlights

  oTotal solar wafer and module shipments in Q3 2012 were 532.8 megawatts
    ("MW"), exceeding Company guidance and representing an increase of 5.8%
    from 503.7 MW in Q2 2012.
  oQ3 2012 net revenues were US$218.2 million, meeting Company guidance and
    representing a decrease of 6.4% from US$233.0 million in Q2 2012.
  oQ3 2012 gross loss was US$39.2 million with a gross margin of negative
    18.0%, which included a US$31.6 million write-down for inventory, compared
    to a gross profit of US$1.3 million with a gross margin of 0.6% in Q2
  oQ3 2012 operating loss was US$82.8 million with an operating margin of
    negative 38.0%, compared to an operating loss of US$34.6 million with an
    operating margin of negative 14.9% in Q2 2012.
  oQ3 2012 net loss was US$78.6 million, representing basic and diluted loss
    per share of US$0.46 and basic and diluted loss per American depositary
    share ("ADS") of US$0.91.
  oCash and cash equivalents plus restricted cash were US$335.2 million as of
    the end of Q3 2012, compared to US$394.2 million as of the end of Q2 2012.

"While we delivered record shipments in the third quarter, declining selling
prices and the substantial supply-demand imbalance continued to have a large
impact on our margins," said Mr. Xianshou Li, ReneSola's chief executive
officer. "Nevertheless, we continued to drive down costs and improve
efficiency through strong management and a dedicated R&D team. Over the year,
we've leveraged our core competitive strength in wafer manufacturing and
technology to develop highly efficient solar modules that have attracted
customers in a number of markets, most notably Europe and Australia, and also
the United States and China. Despite the difficult market conditions impacting
the industry, we are confident in our ability to lower costs and develop
superior technology that will grow our solar module business in both the near
and long term."

Third Quarter 2012 Results

Solar Wafer and Module Shipments

                                            3Q12  2Q12  3Q11  Q-o-Q% Y-o-Y%
Total Solar Wafer and Module Shipments (MW) 532.8 503.7 328.5 5.8%   62.2%
Solar Wafer Shipments (MW)                  387.5 344.0 294.8 12.6%  31.4%
Solar Module Shipments (MW)                 145.3 159.7 33.7  (9.0%) 331.2%

The sequential increase in solar product shipments was mainly the result of an
increase in the demand of the Company's high-efficiency solar wafers from
Asia-Pacific customers.

Net Revenues

                      3Q12   2Q12   3Q11   Q-o-Q% Y-o-Y%
Net Revenues (US$mln) $218.2 $233.0 $189.1 (6.4%) 15.4%

Revenues in Q3 2012 decreased quarter over quarter due to a decrease in the
average selling prices ("ASPs") of solar wafers and modules to US$0.28 per
watt ("W") and US$0.67/W, respectively.

Gross Profit (Loss)

                             3Q12    2Q12 3Q11   Q-o-Q% Y-o-Y%
Gross Profit (Loss) (US$mln) ($39.2) $1.3 ($7.7) -      -
Gross Margin                 (18.0%) 0.6% (4.0%) -      -

The sequential decrease in gross profit was primarily due to an inventory
write-down of US$31.6 million to reflect the decline in the price of solar
wafers and polysilicon.

Operating Income (Loss)

                                 3Q12    2Q12    3Q11    Q-o-Q% Y-o-Y%
Operating Expenses (US$mln)      $43.6   $35.9   $26.8   21.2%  62.3%
Operating Income (Loss) (US$mln) ($82.8) ($34.6) ($34.5) -      -
Operating Margin                 (38.0%) (14.9%) (18.2%) -      -

The sequential increase in operating expenses was primarily due to (1) an
increase in sales and marketing expenses in conjunction with the Company's
expansion of its business outside of China, (2) an increase in general and
administrative expenses as a result of a US$1.8 million bad debt provision for
difficulty collecting receivables, (3) an impairment loss on long-lived assets
of US$6.1 million related to the discontinuation of 200 MW of monocrystalline
wafer furnace production capacity and (4) a goodwill impairment charge of
US$5.8 million related to the Company's solar cell and module business
acquired in 2009, offset by a decrease of US$5.6 million in research and
development ("R&D") expenses in order to save costs. Operating expenses
represented 20.0% of total revenues in Q3 2012, compared to 15.4% in Q2 2012.

Foreign Exchange Gain (Loss)

The Company had a foreign exchange net gain of US$2.1 million in Q3 2012,
primarily due to the appreciation of the euro against the U.S. dollar and the
depreciation of the U.S. dollar against the renminbi ("RMB"). The Company also
recognized a US$0.3 million loss on derivatives in Q3 2012, compared to a loss
of US$0.7 million in Q2 2012.

Net Income (Loss) Attributable to Holders of Ordinary Shares

                                  3Q12    2Q12    3Q11
Net Income (Loss) (US$mln)        ($78.6) ($34.8) ($8.2)
Diluted Earnings (Loss) per Share ($0.46) ($0.20) ($0.05)
Diluted Earnings (Loss) per ADS   ($0.91) ($0.40) ($0.09)

Business Highlights

Research and Development

ReneSola continued to invest in R&D to enhance the technology behind its
products and manufacturing with the primary goals of lowering cost and
improving efficiency. The Company's Virtus II products are currently in full
production, with average efficiencies of 15.7%. A 60-cell Virtus II module
produces an average of 255 W. Additionally, the Company's microinverter, Micro
Replus, successfully completed its initial testing phase in the United States,
Australia and Europe. ReneSola has also began research on small-scale storage
systems, with the aim of providing these products to the market by the middle
of next year, as well as began R&D on developing its own AC-OC optimizer, with
the aim of providing this product to the market by the end of next year.

Solar Module Business

ReneSola delivered 145.3 MW of solar modules, of which 101.7 MW were Virtus
modules, in Q3 2012, down slightly quarter over quarter due to seasonality.
For Q3 2012, the Company's total solar module selling cost was approximately
US$0.65/W, slightly lower compared to Q2 2012. Gross margin for the Company's
solar module business was approximately 1.0% in Q3 2012. The Company expects
to continue to reduce its solar module manufacturing costs through
improvements in its manufacturing methods as well as a reduction in material
costs and capitalize on the module business's higher margins relative to solar
wafer production. In Q4 2012, the Company expects its total solar module
production cost to decrease to approximately US$0.57/W and its shipments to
increase to a range of 250 MW to 270 MW.

Solar Wafer Business

ReneSola reached its year-end blended non-silicon solar wafer processing cost
target of US$0.15/W in Q3 2012, a decrease from US$0.17/W in Q2 2012 as a
result of the Company's continued cost-reduction efforts. As announced last
quarter, the Company has began manufacturing Virtus A++ wafers, which use new
proprietary manufacturing technology that allows the Company to produce a
larger number of high-efficiency solar wafers per ingot, in its newest
facilities. The Company expects non-silicon solar wafer processing cost in
these new facilities to reach US$0.11/W by the end of 2012. Overall, the
Company expects to further drive down its blended non-silicon solar wafer
processing cost to US$0.12/W by the end of 2012.

Polysilicon Production

In Q3 2012, ReneSola produced approximately 1,175.7 metric tons ("MT") of
polysilicon, an increase from approximately 1,119.4 MT in Q2 2012. At the end
of Q3 2012, the Company had a polysilicon production capacity of 4,000 MT. The
Company expects polysilicon production capacity to reach 10,000 MT by the end
of Q1 2013 through the completion of Phase II of its polysilicon production
plant. On November 1, 2012, the Company temporarily halted polysilicon
production to upgrade its facilities and equipment, as well as integrate Phase
II with Phase I. Trial production for Phase II is expected to begin in January

ReneSola's internal polysilicon production cost decreased to approximately
US$23.57 per kilogram ("kg") at the end of Q3 2012, compared to approximately
US$25.80/kg at the end of Q2 2012, as a result of improvements in the
Company's manufacturing techniques. The Company expects its polysilicon
production facilities to have a polysilicon production cost below US$18/kg by
the end of Q1 2013.

Projects and Systems Business

To date, ReneSola has 40 MW of projects under construction in China and 6 MW
of projects under construction in Romania. The Company will selectively
evaluate and engage in solar project opportunities as they arise. China
Development Bank has, in the past, indicated its support for the Company's
additional solar power projects.

Recent Business Developments

  oIn November 2012, ReneSola announced that its high-wattage 300 W poly
    module passed the potential-induced degradation ("PID") test performed by
    TUV SUD, a leading provider of testing, inspection and certification
  oIn November 2012, ReneSola 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.
  oIn November 2012, ReneSola introduced its new Virtus II multicrystalline
    modules to the Indian market at the 6th Renewable Energy India 2012 Expo
    and announced the Company had started providing locally produced PV
    modules to the Indian market with the expectation of providing 250 MW of
    India-made PV modules over a two-year period.
  oIn November 2012, ReneSola announced that its customer Solar Planet Power
    Inc. ("Solar Planet"), a U.S. company specializing in PV system solutions
    for commercial properties including system due diligence, financing,
    design and installation, commissioned several ground and rooftop projects
    composed entirely of ReneSola modules at elementary and high schools in
    West Jefferson and Blacklick, Ohio.
  oIn October 2012, ReneSola invited several of its U.S. customers to tour
    its Yixing manufacturing facilities, which include solar cell and module
    production lines, in China's Jiangsu province.
  oIn October 2012, ReneSola established its Asia-Pacific, Middle East and
    Africa regional sales headquarters in Singapore.
  oIn October 2012, ReneSola announced that, as a result of the Company's
    diversified supply chain, its products will not be subject to anti-dumping
    and countervailing duties imposed by the U.S. Department of Commerce on a
    range of solar imports originating in China.
  oIn October 2012, ReneSola shipped 10 MW of its high-quality solar modules
    to saferay GmbH, a leading large-scale PV power plant installer in
  oIn October 2012, ReneSola launched its new solar module series products,
    the Virtus II solar module, the optimized Virtus II Plus 250 solar module
    and the Micro Replus microinverter, to the Australian market at All Energy
    Australia 2012.
  oIn September 2012, ReneSola announced Segen Ltd, the UK's leading
    value-added distributor of solar PV products, would be adding a new range
    of quality PV panels from ReneSola to its comprehensive portfolio.
  oIn September 2012, ReneSola contracted to sell 512 kilowatts ("kW") of its
    high-quality, high-efficiency solar modules to Cummings Properties, one of
    the most prominent full-service commercial real estate development and
    property management organizations in Massachusetts, for use on the rooftop
    solar system of Cummings Center, a two-million square foot corporate
    campus and retail center in Beverly, Massachusetts.
  oIn September 2012, ReneSola announced its high-wattage 300 W and 305 W
    72-cell poly line was ready for shipment from its east and west coast
    warehouses in the United States.
  oIn September 2012, ReneSola released its microinvertor, Micro Replus,
    which is available as a standalone microinverter or integrated with a
    ReneSola panel as a turnkey AC module.
  oIn August 2012, ReneSola agreed to sell 4.6 MW of its 255 W poly modules
    to Solar Planet.

Liquidity and Capital Resources

Net cash outflow from operating activities was US$46.0 million for Q3 2012,
compared to net cash inflow of US$14.2 million in Q2 2012. Net cash and cash
equivalents plus restricted cash were US$335.2 million at the end of Q3 2012,
compared to US$394.2 million at the end of Q2 2012.

Total debt was US$850.3 million at the end of Q3 2012, compared to US$821.3
million at the end of Q2 2012, excluding US$111.6 million of convertible notes
due March 15, 2018, unless repurchased or converted at an earlier date.
Short-term borrowings were US$715.8 million in Q3 2012, an increase from
US$691.1 million in Q2 2012.

Capital expenditures were US$30.6 million for Q3 2012, primarily for the
Company's PV project business, as well as expanding its polysilicon production
capacity and improving its manufacturing processes.

2012 Capacity Expansion Plans and Related CAPEX

The Company expects to spend approximately US$14.8 million in Q4 2012 to
expand its polysilicon production capacity and integrate Phase II of its
Sichuan polysilicon production plant, as well as build up its horizontal and
project businesses.

Amendment of 2007 Employee Stock Option Plan to Establish New Exercise Price

In Q3 2012, ReneSola's board of directors approved the amendment of 7,835,600
stock options previously granted under the 2007 employee stock option plan to
establish a new exercise price for such stock options held by current
employees equal to $1.47 per ADS, which was the closing price of the Company's
ADSs on August 8, 2012.


For Q4 2012, the Company expects total solar wafer and module shipments to be
in the range of 635 MW to 675 MW, with solar module shipments expected to be
in the range of 250 MW to 270 MW. Revenues are expected to be in the range of
US$240 million to US$260 million and gross margin is expected to be positive
in Q4 2012.

For the full year of 2012, the Company expects total solar wafer and module
shipments to be close to 2.2 GW.

Conference Call Information

ReneSola's management will host an earnings conference call on Friday,
November 30, 2012 at 8 am U.S. Eastern Time (9 pm Beijing/Hong Kong time).

Dial-in details for the earnings conference call are as follows:

U.S. / International: +1-718-354-1231
Hong Kong: +852-2475-0994

Please dial in 10 minutes before the call is scheduled to begin and provide
the passcode to join the call. The passcode is "ReneSola Call".

A replay of the conference call may be accessed by phone at the following
number until December 7, 2012:

International: +1-646-254-3697
Passcode:      73036035

Additionally, a live and archived webcast of the conference call will be
available on the Investor Relations section of ReneSola's website at

About ReneSola

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

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:

In China:

Mr. Tony Hung
ReneSola Investor Relations
Tel: +86-573-8473-9011

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073

In the United States:

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989

Unaudited Consolidated Balance Sheet
(US dollars in thousands)
                                               Sep 30,    Jun 30,    Sep 30,
                                               2012       2012       2011
Current assets:
Cash and cash equivalents                    265,421    314,229    406,280
Restricted cash                              69,749     79,939     43,999
Available-for-sale investment                 -          -          1,837
Accounts receivable, net of allowances for    139,473    211,184    107,856
doubtful accounts
Inventories                                   236,477    209,765    218,777
Advances to suppliers-current                 17,757     26,694     29,674
Amounts due from related parties              828        1,358      352
Value added tax recoverable                   50,270     43,953     62,499
Income tax recoverable                        1,689      2,614      4,991
Prepaid expenses and other current assets    27,801     15,056     13,330
Project assets                                21,622     18,527     -
Prepayment for investment                     1,298      -          -
Deferred convertible bond issue costs-current 784        784        923
Derivative assets                             269        24         6,676
Assets held-for-sale                          -          6,103      3,248
Deferred tax assets-current                   28,725     20,535     22,636
Total current assets                         862,163    950,765    923,078
Property, plant and equipment, net            1,021,147  1,003,293  911,190
Prepaid land use right                        48,883     48,488     49,937
Deferred tax assets-non-current               45,032     39,195     11,256
Deferred convertible bond issue               1,922      2,118      3,189
Advances to suppliers-non-current             10,191     12,490     22,128
Advances for purchases of property, plant and 43,198     46,305     25,103
Other long-term assets                        11,570     10,597     6,253
Goodwill                                      324        6,041      5,642
Total assets                                 2,044,430  2,119,292  1,957,776
Current liabilities:
Short-term borrowings                        715,825    691,065    523,530
Accounts payable                             395,637    404,021    209,493
Advances from customers-current               35,574     46,714     59,810
Amounts due to related parties               3,291      9,455      -
Other current liabilities                    105,795    108,756    112,327
Income tax payable                            1,472      2,784      3,611
Deferred tax liabilities                      1,057      1,099      3,438
Derivative liabilities                        1,766      765        6,657
Total current liabilities                    1,260,417  1,264,659  918,866
Convertible bond payable-non-current          111,616    111,616    130,800
Long-term borrowings                         134,451    130,237    167,830
Advances from customers-non-current           38,668     43,486     57,389
Warranty                                     8,124      7,006      12,137
Deferred gain                                 29,925     29,093     -
Other long-term liabilities                  12,171     12,234     39,624
Total liabilities                            1,595,372  1,598,331  1,326,646
Shareholders' equity
 Common shares                              421,452    420,370    422,314
 Additional paid-in capital                 4,628      4,666      3,150
 Treasury stock                              -          -          (1,944)
 Retained earnings (accumulated losses)      (48,745)   29,862     141,553
 Accumulated other comprehensive income     71,200     65,709     66,057
Total equity attribute to ReneSola Ltd        448,535    520,607    631,130
Noncontrolling interest                       523        354        -
Total shareholders' equity                   449,058    520,961    631,130
Total liabilities and shareholders' equity   2,044,430  2,119,292  1,957,776

Unaudited Consolidated Statements of Income Data
(US dollar in thousands, except ADS and share data)
                     Three Months Ended                     Nine Months Ended
                     Sep 30,      Jun 30,      Sep 30,      Sep 30,      Sep 30,
                     2012         2012         2011         2012         2011
Net revenues         218,155      233,038      189,062      662,678      797,588
Cost of revenues     (257,381)    (231,735)    (196,716)    (708,634)    (658,165)
Gross profit (loss)  (39,226)     1,303        (7,654)      (45,956)     139,423
GP%                  (18.0%)      0.6%         (4.0%)       (6.9%)       17.5%
Operating (expenses)
Sales and marketing  (9,741)      (7,169)      (5,064)      (22,549)     (11,746)
General and          (14,985)     (11,260)     (12,157)     (38,808)     (30,281)
Research and         (8,087)      (13,690)     (12,152)     (33,490)     (35,509)
Other operating     1,116        (3,539)      2,525        (2,280)      2,343
income (expenses)
Impairment of        (6,104)      (291)        -            (6,395)      -
long-lived assets
Goodwill impairment  (5,783)      -            -            (5,783)      -
Total operating      (43,584)     (35,949)     (26,848)     (109,305)    (75,193)
Income (loss) from   (82,810)     (34,646)     (34,502)     (155,261)    64,230
(expenses) income:
Interest income      1,668        1,264        3,587        5,738        5,675
Interest expense     (12,821)     (12,550)     (10,018)     (37,679)     (26,148)
Foreign exchange    2,054        (4,523)      (865)        (1,668)      4,796
gain (loss)
impairment loss on  -            -            (1,705)      -            (4,371)
Gain on repurchase   -            -            20,153       -            20,153
of convertible bonds
(Loss) gain on       (302)        (669)        10,055       (935)        (19,092)
derivative, net
Total non-operating  (9,401)      (16,478)     21,207       (34,544)     (18,987)
(expenses) income
Income (loss) before
income tax,         (92,211)     (51,124)     (13,295)     (189,805)    45,243
Income tax benefit   13,586       16,321       5,145        36,156       (8,218)
Net income (loss)    (78,625)     (34,803)     (8,150)      (153,649)    37,025
Less: Net loss
attributed to        (18)         (16)         -            (45)         -
Net income (loss)
attributed to        (78,607)     (34,787)     (8,150)      (153,604)    37,025
holders of
ordinary shares
Earnings per share
 Basic              (0.46)       (0.20)       (0.05)       (0.89)       0.21
 Diluted            (0.46)       (0.20)       (0.05)       (0.89)       0.19
Earnings per ADS
 Basic              (0.91)       (0.40)       (0.09)       (1.78)       0.43
 Diluted            (0.91)       (0.40)       (0.09)       (1.78)       0.37
Weighted average number of
shares used in computing
 earnings per share
 Basic              172,773,664  172,773,664  173,752,298  172,773,664  173,914,549
 Diluted            172,773,664  172,773,664  173,752,298  172,773,664  198,308,624

Unaudited Condensed Consolidated Statement of Comprehensive Income
(US dollar in thousands)
                               Three Months ended           Nine Months Ended
                               Sep 30,   Jun 30,   Sep 30,  Sep 30,    Sep 30,
                               2012      2012      2011     2012       2011
Net income (loss)              (78,625)  (34,803)  (8,150)  (153,648)  37,025
Other comprehensive income,
net of tax
Foreign exchange translation   5,490     (5,466)   10,575   (446)      26,805
Change in fair value of        -         -         -        -          2,330
available for sale investment
Changes in fair value of cash  -         -         -        -          1,603
flow hedges
Other comprehensive income,    5,490     (5,466)   10,575   (446)      30,738
net of tax
Comprehensive income (loss)    (73,135)  (40,269)  2,425    (154,094)  67,763
Less: comprehensive income
(loss) attributable to         (18)      (16)      -        (45)       -
 non-controlling interest
Comprehensive income (loss)
attributable                   (73,117)  (40,253)  2,425    (154,049)  67,763
 to ReneSola

Unaudited Consolidated Statements of Cash Flow
(US dollar in thousands)
                                                    Nine Months Ended
                                                    Sep 30, 2012  Sep 30, 2011
Operating activity:
 Net income (loss)                                 (153,648)     37,025
 Adjustment to reconcile net income to net cash    -             -
used in operating activities:
 Inventory write-down                              58,606        22,747
 Depreciation and amortization                     69,612        59,338
 Amortization of deferred convertible bond         588           669
issuances costs and premium
 Allowance of doubtful receivables and advance to
suppliers and prepayment                            1,819         (1,324)
 for purchases of property, plant and equipment
 Loss on derivatives                               935           18,900
 Share-based compensation                          1,599         3,399
 Impairment of long-lived assets                   6,395         192
 Loss on disposal of long-lived assets             226           331
 Impairment of goodwill                            5,783         -
 Other-than-temporary impairment loss on           -             4,371
available-for-sale investment
 Gain on repurchase of convertible bonds           -             (20,153)
 Reversal of purchase commitment                   (3,940)       -
 Provision for litigation                          1,726         -
Changes in assets and liabilities:
 Accounts receivable                               (29,173)      (35,407)
 Inventories                                       (140,572)     (65,130)
 Project assets                                    (21,622)      -
 Advances to suppliers                             5,856         (9,743)
 Amounts due from related parties                  3,736         25
 Value added tax recoverable                       (8,315)       (16,540)
 Prepaid expenses and other current assets         (6,545)       3,276
 Prepaid land use rights                           201           1,597
 Accounts payable                                  159,823       (17,228)
 Advances from customers                           (32,047)      (18,439)
 Income tax payables                               3,613         -
 Other current liabilities                         (3,782)       (11,111)
 Other long-term liabilities                       (708)         -
 Deferred tax assets                               (34,854)      (6,712)
 Accrued warranty cost                             (4,704)       3,072
Net cash (used in) operating activities            (119,392)     (46,845)
Investing activities:
 Purchases of property, plant and equipment        (88,194)      (84,491)
 Advances for purchases of property, plant and     (26,921)      (16,564)
 Purchases of other long-lived assets              (1,064)       (121)
 Proceeds from disposal of property, plant and     95            -
 Cash received from government subsidy             1,448         1,070
 Changes in restricted cash                        (11,268)      (8,864)
 Cash consideration for acquisition, net of cash   (1,298)       (1,102)
 Net proceeds from (pay to) settlement of          1,449         (8,388)
Net cash used in investing activities              (125,753)     (118,460)
Financing activities:
 Proceeds from bank borrowings                     839,380       648,194
 Repayment of bank borrowings                      (706,355)     (498,319)
 Cash paid for issuance costs                      -             (7,150)
 Proceeds from exercise of stock options           -             148
 Contribution from noncontrolling interests        411           -
 Cash paid for repurchase of convertible bonds     -             (46,714)
 Cash paid for ADSs repurchase                     -             (1,944)
 Proceeds from issuance of convertible bonds       -             200,000
 Refund (purchase) of conversion spread hedges     -             (23,842)
Net cash provided by financing activities           133,436       270,373
Effect of exchange rate changes                     (1,909)       10,510
Net (decrease) increase in cash and cash           (113,618)     115,578
Cash and cash equivalents, beginning of year        379,039       290,702
Cash and cash equivalents, end of year              265,421       406,280

SOURCE ReneSola Ltd.

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