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ReneSola Signs 4.6 MW Module Sales Agreement With Solar Planet

Stocks in this article: SOL

JIASHAN, China, Aug. 27, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar modules and wafers, today announced it has agreed to sell 4.6 megawatts ("MW") of its high-quality, high-efficiency 255 watt ("W") poly modules to Solar Planet Power Inc. ("Solar Planet"), a U.S. company specializing in photovoltaic ("PV") system solutions for commercial properties, including system due diligence, financing, design and installation.

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

Under the terms of the agreement, ReneSola will ship a total of 4.6 MW of its high-efficiency 255 W poly modules to Solar Planet in the third quarter of 2012. Solar Planet intends to order up to 15 MW of additional solar modules within six months following the initial delivery.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract win reflects our deep commitment to the U.S. market, as well as the recognized quality of our high-efficiency modules. Over the past six months, our Americas sales team has worked hard to establish on-the-ground relationships with key solar power players and prospective customers in the United States, as well as to raise brand awareness of our products. Our full line of 60-cell and 72-cell multicrystalline and monocrystalline modules has become increasingly known for their superior technology and performance. We are pleased and proud to deliver these modules to Solar Planet for use in their PV systems. Moreover, we hope to develop a long-term relationship with Solar Planet as we build our business in the Americas and capitalize on the region's growing solar market."

"This strategic partnership with ReneSola will help us reach our big growth plans much faster and smoother," said Siyd Tawana, president of Solar Planet. "We are shooting for about $200 million in solar projects at schools and other public and private sites over the next two years. We have contracts to do installations for more than 30 major school districts, more than 20 municipals and many hospitals, airports and universities in the state of Ohio. We will later expand to other geographic markets in the United States and abroad, and we look forward to completing several new projects using ReneSola modules."

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.

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