ReneSola Ltd: Green Energy Acquisition

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07.01.2010 15:27
ReneSola Terminates Dynamic Green Energy Acquisition

ReneSola Announces Termination of Dynamic Green Energy Acquisition

    JIASHAN, China, Jan. 7 / -- ReneSola Ltd
("ReneSola" or the "Company"), a leading global  manufacturer of solar wafers and producer of solar power products, today  announced that the Company has determined not to proceed with its  acquisition of Dynamic Green Energy Limited ("Dynamic Green").

    ReneSola and Dynamic Green, which operates through its wholly owned  subsidiary Jiawei Solarchina Co., Ltd. ("Jiawei") and other Chinese  operating subsidiaries, announced a share purchase agreement on September  23, 2009 under which ReneSola agreed to acquire 100% of the shares of  Dynamic Green, subject to customary closing conditions.

    While the acquisition and share purchase agreement were approved by  both companies' boards of directors, the transaction has not been approved  by local government agencies where an operating subsidiary of Jiawei is  located. According to the terms of an agreement between Jiawei and the  local government, the sale of shares of Dynamic Green requires relevant  government approvals.

    As indicated in the share purchase agreement between ReneSola and  Dynamic Green, the transaction could be terminated without penalty if  Jiawei did not obtain the relevant government approvals by December 31,  2009. After careful consideration, ReneSola has terminated discussions  regarding the acquisition.

    "Despite the termination of the Jiawei acquisition, ReneSola's  downstream strategy remains intact and we continue to witness impressive  organic growth in our JC Solar cell and module business," said ReneSola's  Chief Executive Officer Li Xianshou. "We are still in a strong position to  leverage our wafer manufacturing capabilities and deep customer  relationships to quickly expand our downstream business. We expect to see  significant top-line and bottom-line growth from our downstream business in  2010."

    About ReneSola
    ReneSola is a leading global manufacturer of solar wafers and producer  of solar power products based in China. Capitalizing on proprietary  technologies and technical know-how, ReneSola's 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 traded on  the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock  Exchange (AIM: SOLA).

    For investor and media inquiries, please contact:

    In China:

     Ms. Julia Xu
     ReneSola Ltd
     Tel:   +86-573-8477-3372

     Mr. Derek Mitchell
     Ogilvy Financial, Beijing
     Tel:   +86-10-8520-6284

    In the United States:

     Ms. Jessica Barist Cohen
     Ogilvy Financial, New York
     Tel:   +1-646-460-9989

    In the United Kingdom:

     Mr. Tim Feather / Mr. Richard Baty
     Westhouse Securities Limited, London
     Tel:   +44-20-7601-6100

SOURCE  ReneSola Ltd
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