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ReneSola Signs RMB800 Million Project Loan Agreement with China Construction Bank for Sichuan Polysilicon Production Facility

January 27, 2009

JIASHAN, China, Jan. 27 /PRNewswire-Asia-FirstCall/ — ReneSola Ltd
(“ReneSola” or the “Company”), a leading Chinese manufacturer of solar wafers,
today announced that its wholly owned subsidiary Sichuan ReneSola Material Co.
Ltd. signed a RMB800 million (approximately US$117 million) five-year project
loan agreement with China Construction Bank, Sichuan Branch to support the
construction of ReneSola’s polysilicon production facility in Meishan, Sichuan
province.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )

“We are pleased to announce that we’ve secured additional financing for
our Sichuan polysilicon manufacturing facility,” said Charles Bai, ReneSola’s
chief financial officer. “The agreement, combined with previously acquired
financing, provides ReneSola with approximately 90% of the capital necessary
to fund the project to completion. Our ability to secure capital in a tight
credit environment demonstrates confidence in the development and operation of
our polysilicon facility and faith in our management team’s track record of
delivering positive results.”

The Company noted that pilot production for phase one of its Sichuan
polysilicon manufacturing facility is expected to commence late in the second
quarter of 2009 and phase two pilot production is expected to commence late in
the third quarter of 2009. Each phase will consist of 1,500 metric tones
(“MT”) of polysilicon production. As part of the Company’s long-term strategy,
the 3,000 MT Sichuan facility will provide ReneSola with a stable and low-cost
source of polysilicon feedstock, enhancing its position as a leading wafer
producer within the industry.”

About ReneSola

ReneSola Ltd (“ReneSola”) is a leading global manufacturer of solar wafers
based in China. Capitalizing on proprietary technologies and technical
know-how, ReneSola manufactures monocrystalline and multicrystalline solar
wafers. In addition, ReneSola strives to enhance its competitiveness through
upstream integration into virgin polysilicon manufacturing. 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 market
of the London Stock Exchange (AIM: SOLA). For more information about ReneSola,
please visit www.renesola.com.

Safe Harbor Statement

This press release may contain 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 registration statement on Form F-1. 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:

     Mr. Charles Bai
     ReneSola Ltd
     Tel:     +86 (573) 8477-3061
     E-mail:  charles.bai@renesola.com

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

    In the United States:

     Mr. Thomas Smith
     Ogilvy Financial, New York
     Tel:     +1 (212) 880-5269
     E-mail:  thomas.smith@ogilvypr.com

    In the United Kingdom:

     Mr. Tim Feather / Mr. Richard Baty
     Hanson Westhouse Limited, London
     Tel:     +44 (0) 20-7601-6100
     E-mail:  tim.feather@hansonwesthouse.com /
              richard.baty@hansonwesthouse.com

SOURCE ReneSola Ltd


Source: newswire



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