JIASHAN, China, Aug. 20 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd
('ReneSola' or the 'Company') (NYSE: SOL) (AIM: SOLA), a leading vertically
integrated Chinese manufacturer of solar products, today announced it has been
granted the exclusive right in a letter of intent with the Taiyangshan
Development Zone in Wuzhong city, Ningxia Hui Autonomous Region, to develop a
150 megawatt ('MW') on-grid solar power project with a budgeted total
investment of RMB 4.8 billion (approximately US$ 706 million). The project,
which is subject to a feasibility study and government permits and approvals,
has a four-year, four-phase construction period that is expected to begin in
2010.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )
'We are pleased to announce our new 150 MW on-grid solar project in
Wuzhong, which adds to our track record of partnering with local governments
to develop sustainable solar projects,' said Mr. Xianshou Li, ReneSola's chief
executive officer. 'Our vertically integrated solar manufacturing capabilities
continue to position us to capture opportunities presented by the government's
increased focus on establishing alternative energy sources.'
Mr. Li added, 'We are excited by China's transformation from a
manufacturing hub of solar products into an important and increasingly
significant end-user market. The emergence of downstream projects in the
domestic market represents a significant opportunity for ReneSola to create
new revenue streams and expand local market share. The 150 MW on-grid solar
project in Wuzhong bolsters our downstream project portfolio as we strengthen
our position as one of the leading vertically integrated solar companies in
China. The Ningxia Hui Autonomous Region is one of the sunniest regions in
China, and this project is strategically located to fully take advantage of
the abundance of natural sunlight in the local area.'
About ReneSola
ReneSola Ltd ('ReneSola') is a leading Chinese manufacturer of solar
products based in China. Capitalizing on proprietary technologies and
technical know-how, ReneSola's vertically integrated manufacturing
capabilities include virgin polysilicon, monocrystalline and multicrystalline
solar wafers, solar cells and solar modules. ReneSola possesses a global
network of suppliers and customers that include some of the leading global
manufacturers of solar cells and modules.
