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ReneSola and Solairedirect Sign 120 MW Solar Module Tolling Agreement

    ReneSola and Solairedirect Sign 120 MW Solar Module Tolling Agreement

Solairedirect commits to purchasing 54 MW of ReneSola modules

PR Newswire

JIASHAN, China, April 4, 2013

JIASHAN, China, April 4, 2013 /PRNewswire/ --ReneSola Ltd ("ReneSola") (NYSE:
SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and
wafers, today announced that it has signed a toll manufacturing agreement with
Solairedirect SA ("Solairedirect"), a global pioneer of competitive solar
power, to produce 120 megawatts ("MW") of solar modules in South Africa.

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

Under the terms of the agreement, Solairedirect will manufacture 120 MW of
ReneSola-branded modules for a period of three years through its South
African-based module manufacturing subsidiary, Solairedirect Technologies
(Pty) Ltd. In addition, Solairedirect has committed to purchasing 20 MW of the
solar modules for use in projects in South Africa and 34 MW of the solar
modules for use internationally. Should Solairedirect expand its module
production capacity, which it expects to double as early as sometime this
year, it may produce additional solar modules for ReneSola under the current
tolling agreement.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "We have partnered
with Solairedirect to benefit from its module manufacturing capacity and
strong market presence in South Africa, as well as to secure low costs through
the tolling agreement. As an example of Solairedirect's success in the
country, its IPP business recently received preferred bidder status for two
solar PV projects in South Africa by the South African Energy Minister Dipuo
Peters, who named just 19 preferred bidders out of 79 total bidders in 2012.
We are confident in Solairedirect's production capabilities and believe our
solar modules, which generate high efficiency with very low sensitivity to
variations in temperature, will be of value to solar projects in the region.
We look forward to developing a long-term relationship with Solairedirect and
will continue to seek opportunities to grow our business in the exciting South
Africa market."

Mr. Ryan Hammond, managing director of Solairedirect's South-African based
Independent Power Producer ("IPP") subsidiary, added, "As one of the leading
solar IPP's in South Africa, we are committed to helping the government
deliver solar PV projects that are cost competitive and deliver significant
local content. We believe our successful bidding of two projects in the second
round of the IPP Procurement Programme proves that this is possible. Our
agreement with ReneSola paves the way for delivering projects that are cost
competitive and exceed the Economic Development Department's criteria.
Furthermore, this agreement will likely lead to the expansion of production
capacity at Solairedirect Technologies, creating more jobs in the process.
This move demonstrates yet again our continued commitment to invest in the
South African solar industry, to create jobs and play a leading role in the
growth of the industry."

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.

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 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

In the United States:

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: sol@ogilvy.com

SOURCE ReneSola Ltd

Website: http://www.ReneSola.com
 
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