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ReneSola to Pioneer Zhejiang Province's First BIPV Project

2009-05-14 00:28 852


JIASHAN, China, May 14 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers, today announced that it has obtained approval from Zhejiang's provincial government to pioneer a five megawatt ("MW") building integrated photovoltaic ("BIPV") rooftop project in China's Zhejiang province. The BIPV rooftop project has a total planned area of 80,400 square meters on several government buildings in Jiashan County, Zhejiang province and is subject to final approval by the Ministries of Finance and Housing and Urban-Rural Development.

(Logo: http://www.prnasia.com/sa/200806261902.jpg)

The BIPV rooftop project has a budgeted total investment of RMB160 million (approximately US$23.4 million) and will be partially funded through the RMB15 per watt subsidy announced by China's Ministry of Finance in March of 2009. The local government may provide additional subsidies and ReneSola has reached a tentative partnership agreement with a local bank to provide additional funding.

"We are very pleased to have been approved by the Zhejiang government to spearhead the province's first BIPV project," commented Mr. Xianshou Li, ReneSola's chief executive officer. "This project, combined with national and local subsidies and the Zhejiang government's recently announced plans to increase solar energy-related projects to 50MW by 2012, demonstrates the increasing importance both national and local governments are placing in developing clean, renewable solar energy. As the cost of solar energy continues to decline and approach grid parity, we are confident that our low-cost manufacturing and position as one of the world's leading manufacturers of solar wafers will provide us with new opportunities to partner with local governments in developing sustainable solar projects."

About ReneSola

ReneSola Ltd ("ReneSola") is a leading global manufacturer of solar wafers based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola manufactures monocrystalline and multicrystalline solar wafers. In addition, ReneSola strives to enhance its competitiveness through upstream integration into virgin polysilicon manufacturing. ReneSola 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 currently traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA). For more information about ReneSola, please visit http://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 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.

Source: ReneSola Ltd
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