April 2, 2014
ReneSola Ltd ("ReneSola")(NYSE: SOL), a leading brand and technology provider of solar photovoltaic products, announced it has completed the sale of three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science & Technology Co., Ltd.
The three utility-scale projects are located in China's Qinghai and Xinjiang provinces and are all connected to the grid. The deal was completed on March 31, 2014 and followed a memorandum of intent signed by the two companies on December 30, 2013.
"We are delighted to have successfully completed the sale of our three utility-scale projects in Western China," said Mr. Xianshou Li, ReneSola's chief executive officer. "These projects demonstrated our ability to develop solar power projects in full cycle, while the sale helps to improve our overall financial position. Although we remain cautious in regards to investing in solar projects in China, we remain optimistic about China's market for solar projects over the longer term, and we will continue to participate in China projects and explore related opportunities while keeping our capital expenditures to a minimum."
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. For more information, please visit 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 the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does 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 the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes 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 the Company's situation may change in the future.
For more information:
Contact person: In China; Ms. Laura Chen
Contact person: Mr. Justin Knapp
Ogilvy Financial, U.S.
Tel: Tel: +1-616-551-9714
Contact person: In Beijing: Mr. Derek Mitchell