Breaking News

Tweet TWEET

Renesola to Provide Solar Modules to Off-Grid Saudi Power Plant

       Renesola to Provide Solar Modules to Off-Grid Saudi Power Plant

Company participation at World Future Energy Summit in Abu Dhabi marks
ReneSola's first shipment to the Middle East

PR Newswire

DUBAI, U.A.E., Jan. 13, 2013

DUBAI, U.A.E., Jan. 13,2013 /PRNewswire/ --ReneSola (NYSE: SOL), a leading
global manufacturer of solar photovoltaic ("PV") modules and wafers, has
announced that it will be showcasing its latest solar energy-based solutions
at this year's World Future Energy Summit (WFES), which starts at the Abu
Dhabi National Exhibition Centre on Tuesday 15 January 2013.

(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030)

ReneSola's participation at WFES 2013 comes at a time when the company has
been awarded its first contract in the Middle East, by Taibah University in
Medina, Makkah Province, Saudi Arabia, to provide 15 kilowatts of solar
modules to be used in an off-grid power plant project to test off-grid
solutions.

The company's solar modules are expected to arrive in the holy city of Medina,
Makkah Province, early this year and will be used to charge the plant's
battery.

Commenting on the contract win, Mr. Xianshou Li, founder and chief executive
officer of ReneSola said, "An off-grid solution, particularly one with PV
modules powering an energy storage system, can be far more cost-effective than
delivering electricity to a small area by conventional means.

"At the same time, a PV solution can typically be completed faster than
grid-connected projects, which provides additional incentive for developers to
go with an off-grid PV alternative. We believe such off-grid solutions will
find a niche in the PV market, particularly in emerging markets like Africa,
South America and the Middle East, where we are already seeing demand. With
our new presence in Saudi Arabia, we will continue to work to expand our
business and bring innovative PV solutions to the region."

According to Bloomberg, Saudi Arabia is investing US$109 billion into solar
energy, with plans to develop a solar industry that can meet up to a third of
its electricity demand by 2032, of which 16,000 megawatts will be generated
from photovoltaic panels. Work will commence on its first solar-powered
facility this year and could take two years to complete.

Currently, Saudi Arabia has around 3 megawatts of solar installations, lagging
behind the UAE, Egypt, Morocco, Tunisia and Algeria. However, Saudi
Arabiawould like to free up more of its oil for the export market. With
current oil prices already high and predicted to rise significantly over the
coming decades, solar energy would be a cleaner and more cost-effective
alternative.

Mr. Zhidong Zheng, ReneSola's senior vice president of wafer technology,
added, "We believe our modules are well suited for the climates of Saudi
Arabia and the wider Middle East, particularly our Virtus II modules, which
generate high efficiency with very low sensitivity to variations in
temperature. The minimal degradation of our solar modules results in long life
cycles and reliable power output. We are confident they will perform well in
Medina, Makkah Province and attract other developers throughout the Middle
East."

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 www.ReneSola.com.

Media contact:

Ms. Nathalie Visele
Shamal Marketing Communications
Tel: +9714-3652711
Cell: +971-50-457-6525
E-mail: nathalie@smc-pr.com

For further information or investor inquiries, please contact:

Mr. Tony Hung
ReneSola Ltd
Tel: +86-573-8473-9011
E-mail: ir@renesola.com

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
E-mail: sol@ogilvy.com 

SOURCE ReneSola Ltd.

Website: http://www.ReneSola.com
 
Press spacebar to pause and continue. Press esc to stop.