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ReneSola Signs 5.95 MW Virtus Module Sales Agreement with Solargain

July 23, 2012

JIANSHAN, China, July 23, 2012 /PRNewswire-Asia/ – ReneSola Ltd (“ReneSola” or the “Company”) (NYSE: SOL), a leading global manufacturer of solar wafers and solar modules, today announced that it has sold 5.95 MW of its high-quality, high-efficiency Virtus modules to Solargain PV Pty Ltd (“Solargain”), one of the top solar distributors in Australia and one of Australia’s largest integrated solar energy and solar hot water suppliers.

(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030)

Under the terms of the agreement, ReneSola will ship a total of 5.95 MW of its 250 W high-quality, high-efficiency Virtus modules directly to Solargain. ReneSola also expects to ship additional modules to Solargain in the near future.

Mr. Xianshou Li, ReneSola’s chief executive officer, said, “This is another demonstration of the ever-increasing market recognition of our superior products, including our Virtus products, and the strength of our technology and investments in research and development. We are pleased to be able to supply our Virtus modules to Solargain, which is a solar product leader in the Australian market, and we hope to continue to grow our relationship with Solargain. This deal reflects not only our strong position in Australia, where we have shipped over 40 MW of modules year to date, but also greatly strengthens our worldwide brand recognition and module business. We believe that over time we will continue to improve our position in the market.”

About ReneSola

ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on proprietary technologies, economies of scale, high production quality, and technological innovations and know-how, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and processing services. The Company possesses a global network of suppliers and customers that includes some of the leading global manufacturers of solar cells and modules. ReneSola’s ADSs are traded on The New York Stock Exchange (NYSE: SOL). 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 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 investor and media inquiries, please contact:

In China:

Mr. Tony Hung
ReneSola Ltd
Tel: +86-573-8473-9011
E-mail: ir@renesola.com

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-6284
E-mail: sol@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: sol@ogilvy.com

SOURCE ReneSola Ltd


Source: PR Newswire