ReneSola Ltd: 150 MW On- grid Solar Power Project
ReneSola Signs Letter of Intent with Wuzhong Government to Develop 150 MW On- grid Solar Power Project
JIASHAN, China, Aug. 20 / ReneSola Ltd ("ReneSola" or the "Company") (AIM: SOLA), a leading vertically integrated Chinese manufacturer of solar products, today announced it has been granted the exclusive right in a letter of intent with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region, to develop a 150 megawatt ("MW") on-grid solar power project with a budgeted total investment of RMB 4.8 billion (approximately US$ 706 million). The project, which is subject to a feasibility study and government permits and approvals, has a four-year, four-phase construction period that is expected to begin in 2010.
"We are pleased to announce our new 150 MW on-grid solar project in Wuzhong, which adds to our track record of partnering with local governments to develop sustainable solar projects," said Mr. Xianshou Li, ReneSola's chief executive officer. "Our vertically integrated solar manufacturing capabilities continue to position us to capture opportunities presented by the government's increased focus on establishing alternative energy sources."
Mr. Li added, "We are excited by China's transformation from a manufacturing hub of solar products into an important and increasingly significant end-user market. The emergence of downstream projects in the domestic market represents a significant opportunity for ReneSola to create new revenue streams and expand local market share. The 150 MW on-grid solar project in Wuzhong bolsters our downstream project portfolio as we strengthen our position as one of the leading vertically integrated solar companies in China. The Ningxia Hui Autonomous Region is one of the sunniest regions in China, and this project is strategically located to fully take advantage of the abundance of natural sunlight in the local area."
ReneSola Ltd ("ReneSola") is a leading Chinese manufacturer of solar products based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola's vertically integrated manufacturing capabilities include virgin polysilicon, monocrystalline and multicrystalline solar wafers, solar cells and solar modules. 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 and the AIM of the London Stock Exchange (AIM: SOLA). For more information about ReneSola, please visit http://www.renesola.com/ .
For investor and media inquiries, please contact: In China: Ms. Julia Xu ReneSola Ltd Tel: +86-573-8477-3372 Email: firstname.lastname@example.org Mr. Derek Mitchell Ogilvy Financial, Beijing Tel: +86-10-8520-6284 Email: email@example.com In the United States: Ms. Jessica Barist Cohen Ogilvy Financial, New York Tel: +1-646-460-9989 Email: firstname.lastname@example.org In the United Kingdom: Mr. Tim Feather / Mr. Richard Baty Hanson Westhouse Limited, London Tel: +44-20-7601-6100 Email: email@example.com firstname.lastname@example.org
CONTACT: In China: Ms. Julia Xu of ReneSola Ltd, +86-573-8477-3372, or
email@example.com; or Mr. Derek Mitchell of Ogilvy Financial, Beijing,
+86-10-8520-6284, or firstname.lastname@example.org; In the United States: Ms.
Jessica Barist Cohen of Ogilvy Financial, New York, +1-646-460-9989, or
email@example.com; In the United Kingdom: Mr. Tim Feather / Mr.
Richard Baty of Hanson Westhouse Limited, London, +44-20-7601-6100, or
firstname.lastname@example.org / email@example.com
Web site: http://www.renesola.com/