Letter of Intent Signed
August 20 2009 - 2:58AM
UK Regulatory
TIDMSOLA
ReneSola Signs Letter of Intent with Wuzhong Government to Develop 150 MW
On-grid Solar Power Project
ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (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.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )
"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."
About ReneSola
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 (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.
For investor and media inquiries, please contact:
In China:
Ms. Julia Xu
ReneSola Ltd
Tel: +86-573-8477-3372
Email: julia.xu@renesola.com
Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-6284
Email: derek.mitchell@ogilvy.com
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: jessica.cohen@ogilvypr.com
In the United Kingdom:
Mr. Tim Feather / Mr. Richard Baty
Hanson Westhouse Limited, London
Tel: +44-20-7601-6100
Email: tim.feather@hansonwesthouse.com
richard.baty@hansonwesthouse.com
SOURCE ReneSola Ltd
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