JIASHAN, China, Aug. 10, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and solar modules, today announced it has reached an agreement with PowerGuard Specialty Insurance Services ("PowerGuard") to provide a range of long-term insurance and warranty-related coverage for the Company's high-quality solar products. Based in California, PowerGuard manages programs specializing in the design and underwriting of unique insurance and risk management solutions for solar and other alternative energy companies.
Under the terms of the agreement, PowerGuard will provide 25 years of complete global coverage for ReneSola products, which will enable the Company to structure sales offerings to suit a wide range of risk-management profiles among the markets and clients it serves.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "We are happy to be working with PowerGuard and excited about the flexibility their unique coverage options give us in meeting the needs of our clients. These types of insurance products address the difficulties that are often encountered by solar project developers, installers and operators, and will allow ReneSola to focus on our quality and operational excellence.""PowerGuard is very proud that our PowerClip warranty solution has become the 'gold standard' for leading solar energy producers like ReneSola around the world," said Mike McMullen, managing principal of PowerGuard. "PowerGuard will continue to support the development and success of the global renewable energy industry with unique, industry-leading products and services." 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. About PowerGuard Specialty Insurance Services PowerGuard is a specialty renewable energy program manager specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies.
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