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ReneSola Gains as Sales to Reach High End of Forecast

ReneSola Ltd. (SOL), the world’s largest recycler of scrap wafers used in solar panels, rose after saying revenue last year was at the high end of its forecast.

ReneSola’s American depositary receipts climbed 11 cents, or 5 percent, to $2.32 in New York Stock Exchange composite trading. Each ADR represents two ordinary shares. The company is down 76 percent from a year ago.

Sales last year rose to $669 million to $671 million on production of 363 megawatts, the Jiashan, China-based company said today in a statement. The company in November forecast sales of $640 million to $670 million on deliveries of 340 megawatts to 350 megawatts.

A drop in the price of polysilicon, the costliest component in solar cells, will cause an inventory writedown of $130 million to $140 million, the statement said. That will result in a fourth-quarter loss of $125 million to $130 million.

ReneSola plans to release a full earnings statement on March 12 before New York trading begins.

For 2009, ReneSola forecast sales of $650 million to $700 million on production of 620 megawatts to 670 megawatts. Wafer capacity will reach 825 megawatts by July, the company said.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

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