March 3, 2014
ReneSola Ltd. ( "ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced it will begin manufacturing its Virtus II modules in Japan through a joint venture, Vitec Global Solar, in partnership with Vitec Co., Ltd. ("Vitec"), a Japanese trading company that specializes in the sale of semiconductor and electrical products.
"This is an important strategic step for ReneSola as we continue to prioritize our growth in Japan, one of our most important target markets. This joint venture will enable us to meet government requirements for local manufacturing, a core advantage of our OEM model," said Mr. Xianshou Li, chief executive officer of ReneSola. "Our partnership with Vitec will also increase our cost competitiveness in Japan and enable us to provide our customers with an increased level of support. We are confident in our decision to collaborate with Vitec for this joint venture, given Vitec's reputation for offering seamless support to its partners."
The manufacturing plant is located in Otawara City, Tochigi Prefecture, Japan, and will have total annual production capacity of 80MW. Production is scheduled to begin in April 2014..
Founded in 2005, ReneSola (NYSE:SOL) is a leading brand and technology provider of solar PV products. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia.
Vitec is a general electronics trading company dealing in such products as semiconductors, electronic components and displays. In addition to supplying these items to electrical appliance and electronics manufacturers, Vitec harnesses its network and accumulated know-how as a general electronics trading company to meet the diverse needs of customers across the solution / technical support, systems device, EMS-related and other business fields. Furthermore, through close cooperation with those affiliated companies that constitute the Vitec Group, Vitec is expanding into new stages of business development and growth.
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