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ReneSola Announces 600 MW Solar Module OEM Agreement

2010-02-11 18:53 975

JIASHAN, China, Feb. 11 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer ("OEM") services, today announced that it has signed an OEM agreement to provide 600 megawatts ("MW") of solar modules to a major global solar company over a period of three years.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )

According to the terms of the contract, ReneSola will provide 200 MW of solar modules annually for three years commencing in 2010.

"Our first major solar module OEM contract reflects the exceptional value inherent in our cost-competitive solar wafer and solar module OEM manufacturing platform," said ReneSola's Chief Executive Officer Li Xianshou. "Our customers are increasingly recognizing the benefits of including our cost-effective solar solutions as important components in their production processes. We plan to leverage our module OEM capabilities to significantly strengthen and expand customer relationships with key industry players and further increase our solar wafer sales. We believe this OEM deal underscores our vision to lead the world in solar wafer production."

About ReneSola

ReneSola is a leading global manufacturer of solar wafers. Capitalizing on economies of scale, low cost production capabilities and technology innovations, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and solar module OEM services. The company possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA).

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 we describe what we "believe," "expect" or "anticipate" will occur, what "will" or "could" happen, and other similar statements), you must remember that our expectations may not be correct, even though we believe that they are reasonable. We do 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 our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F. We undertake 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 our situation may change in the future.

For investor and media inquiries, please contact:

In China:

Ms. Julia Xu

ReneSola Ltd

Tel: +86-573-8477-3372

Email: julia.xu@renesola.com

Mr. Derek Mitchell

Ogilvy Financial, Beijing

Tel: +86-10-8520-6284

Email: derek.mitchell@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen

Ogilvy Financial, New York

Tel: +1-646-460-9989

Email: jessica.cohen@ogilvypr.com

In the United Kingdom:

Mr. Tim Feather / Mr. Richard Baty

Westhouse Securities Limited, London

Tel: +44-20-7601-6100

Email: tim.feather@westhousesecurities.com

richard.baty@westhousesecurities.com

Source: ReneSola Ltd
Related Stocks:
LSE:SOLA.L NYSE:SOL
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