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ReneSola Signs 10 MW Solar Module Sales Agreement With Saferay

Stocks in this article: SOL









JIASHAN, China, Oct. 15, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced that it has shipped 10 MW of its high-quality solar modules to saferay GmbH ("saferay"), a leading large-scale PV power plant installer in Germany.

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

Under the terms of the agreement, ReneSola is delivering a total of 10 MW of its 245 W and 250 W multicrystalline solar modules directly to saferay for use in a new PV power plant near Schwarzheide in Brandenburg, Germany.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract illustrates the importance we place on the German market and on raising our profile in the solar module industry. Our aggressive sales and marketing efforts have enhanced the brand recognition of our solar module business and have educated customers regarding the superiority of our solar products. We're confident that our multicrystalline modules will make a valuable contribution to saferay's PV power plant and we hope to provide additional modules to saferay in the future to support their growing network of leading large-scale PV power plants."

Dr. Thomas Gnefkow, saferay's managing director, commented, "We are pleased to be using ReneSola's high-quality solar modules in our new PV power plant. ReneSola's reputation for timely delivery and competitive pricing are key to maintaining our typically fast construction time and leading cost position. As we are rapidly expanding our network of some of the world's largest PV power plants, we will continue to cooperate with ReneSola to provide us with high-quality solar modules."

About ReneSola

Founded in 2005, ReneSola (NYSE:SOL) is a leading global manufacturer of high-efficiency solar PV modules and wafers. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, Greece, Spain, China and Australia. For more information, please visit http://www.renesola.com/.

About saferay

Berlin, Germany-based saferay is a leader in the field of efficient and fast installations of large-scale photovoltaic power plants. Saferay realizes and finances plants primarily for its own asset base, in order to shape future energy concepts in the world's leading energy markets. The company's experience includes over 500 MW of installed PV capacity. For more information, visit www.saferay.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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