ReneSola Signs 29 MW Solar Module Sales Agreement with saferay
JIASHAN, China, Aug. 7, 2013
JIASHAN, China, Aug. 7, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE:
SOL), a leading brand and technology provider of solar photovoltaic ("PV")
products, today announced it will provide 29.1 megawatts ("MW") of its
high-quality multicrystalline solar modules to Saferay Pte ("saferay"), a
large-scale PV power plant installer from Singapore.
(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 )
Under the terms of the agreement, ReneSola will deliver to saferay 7.5 MW of
solar modules this month and an additional 21.5 MW of solar modules in January
2014 for use in La Huayca II, an unsubsidized 29.1 MW solar power plant with
no power purchase agreement ("PPA") or feed-in-tariff ("FIT") support in the
Atacama region of Chile. The project will expand the 1.4 MW La Huayca I plant
completed last year to 30.5 MW.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "We're pleased to
sign another contract with saferay, for whom we provided modules last year for
use in several PV power plants in Germany. We pride ourselves on our ability
to win repeat business, which illustrates the high quality of our solar
modules and our superb customer service. We are also thrilled to supply
modules to the Chilean market, one of the few markets that allow PV companies
to sell electricity to the local grid at profitable market prices. We will
continue to invest in the region to grow our South American business and
support the country's growing renewable energy sector."
Dr. Thomas Gnefkow, saferay's managing director, commented, "Our previous
experience using ReneSola's modules has led us to order additional modules
from the company for use in La Huayca II, which will be the first merchant
provider of solar electricity to join Chile's Northern Interconnected
Electricity grid. The power plant, which is the first utility-scale PV plant
worldwide with no PPA, government subsidies or FIT support, will sell
electricity into the spot market just as conventional power plants do.
ReneSola's timely delivery, competitive pricing and efficient modules will be
key to maintaining our cost position. We look forward to working with the
company and hope to continue our relationship as we expand our global network
of large-scale PV power plants."
Founded in 2005, ReneSola (NYSE:SOL) is a leading brand and technology
provider of solar PV products. 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. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Justin Knapp
Ogilvy Financial, U.S.
SOURCE ReneSola Ltd.
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