JIASHAN, China, March 23 /PRNewswire-Asia/ -- 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 summarized key highlights from its 2010 Analyst and Investor Day held March 18-19, 2010.
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Members from ReneSola's senior management team led in-depth discussions regarding the Company's performance and strategies, as well as provided guided tours of its wafer, cell, module and polysilicon production facilities in Jiashan, Zhejiang province; Yixing, Jiangsu province; and Meishan, Sichuan province. Speakers at the event included Mr. Xianshou Li, Director and CEO; Mr. Charles Bai, CFO and recently appointed CSO effective April 1, 2010; Dr. Panjian Li, COO; and Ms. Julia Xu, VP of Corporate Finance and Corporate Communications and recently appointed CFO effective April 1, 2010.
Mr. Xianshou Li commented on the event, "We are excited to have hosted our first Analyst and Investor Day, in which we were able to reiterate our strategic vision to become a leading producer of high-quality solar products with large-scale, cost-competitive wafer manufacturing and complementary solar module OEM services."
Mr. Li opened the event at the Company's Jiashan headquarters with a presentation highlighting ReneSola's recent milestones and company performance while emphasizing ReneSola's scale and cost advantages as significant drivers for the Company's success. In 2009, ReneSola ranked as one of the top global wafer producers in the world based on total wafer production capacity. The Company expects to achieve continued cost reductions by capitalizing on economies of scale and improved technologies, which are expected to reduce wafer cost to US$0.55 per watt by the end of 2010.
Following the presentation and wafer plant tour, participants travelled to Yixing for a tour of JC Solar, the Company's downstream solar module OEM provider. ReneSola expects to see a significant contribution from JC Solar, whose OEM services provide existing wafer customers value-added manufacturing capabilities. The Company currently has contracts for over 250 megawatts ("MW") of solar modules in 2010 and expects solar module production capacity to reach 375 MW by the end of March. Mr. Li noted that the Company's OEM contracts, which are usually large and fixed orders over an extended period of time, provide stable returns for the Company.
The tour concluded in Sichuan province with participants visiting the Company's polysilicon plant in Meishan. The plant's two phases have begun trial production with Phase 1 expected to achieve closed loop manufacturing integration in March following the activation of Trichlorosilane ("TCS") synthesis and hydrogenation. Closed loop manufacturing for Phase 2 is expected to be fully integrated within a few months. Mr. Li noted that the plant's Meishan location provides important competitive advantages including access to low-cost electricity and a talented pool of experienced engineers located in Sichuan province. ReneSola plans to produce 1,500 to 1,900 metric tonnes ("MT") of polysilicon in 2010, which is expected to help decrease in-house polysilicon production cost to approximately US$40 per kilogram by the end of 2010.
ReneSola reiterated that for the full year 2010, the Company expects to ship 900 MW to 950 MW of solar products, while achieving gross margins of 17% to 20% and positive net income. ReneSola also expects to reach wafer production capacity of approximately 1 GW in 2010, contributing to the Company's goal of achieving 10% to 12% of global market share in terms of total solar product shipments.
An archived webcast and presentation slides are available on the Investor Relations section of the Company's website at http://www.renesola.com .
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. Feng Qi
ReneSola Ltd
Tel: +86-573-8477-3903
Email: feng.qi@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
