ReneSola and PowerGuard Renew Product Warranty Insurance Through August 2014 with Enhanced Coverage
SAN FRANCISCO, Oct. 16, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced that it has successfully renewed its PowerGuard warranty insurance policy through August 2014. The policy began in 2012 and provides immediate coverage for all ReneSola solar panels that covers product quality and performance and includes upgraded policy features and a deductible that is half of what the original policy offered.
"Being able to offer third party insurance coverage to supplement our manufacturer's warranty provides tremendous peace of mind to our customers," said Henry Wang, chief financial officer of ReneSola. "We began offering PowerGuard insurance in mid-2012 for our modules. We're excited to now offer the same coverage for our AC Modules. PowerGuard conducted extensive due diligence on our modules to ensure they're insuring a product that will indeed last as long as the warranty promises, which in the case of ReneSola is 25 years."
"ReneSola has made tremendous strides in the U.S. market over the past year, since bringing its longstanding experience and company operations to this market in May of 2012 and PowerGuard has contributed substantially to ReneSola's domestic success," added Mr. Wang.
"We are pleased to have partnered with a high quality Tier 1 module supplier such as ReneSola," said Mike McMullen, managing principal of PowerGuard. "We hope that developers, integrators, and installers in the U.S. PV market will benefit from this policy extension, who should have confidence that they are investing in a quality product when they buy from ReneSola."
Founded in 2005, ReneSola (NYSE: SOL) is a leading brand in and technology provider of solar PV products. 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, China, Greece, Spain and Australia. For more information, please visit 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.
PowerGuard's PowerClip warranty product is the most comprehensive contractual liability coverage available to renewable energy manufacturers, project developers, power generation operators and the financial institutions who invest in them.
PowerGuard's RevGuard Solar Project Guarantee Policy is a simple and straightforward insurance policy that guarantees the loss of revenue associated with defects related to the Balance of Plant Solar Generation Equipment - written on investment grade paper with an insurance company holding an AA rating from Standard & Poor's. For more information please visit www.powerguardins.com
For investor and media inquiries, please contact:
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Brian Armentrout
Mr. Justin Knapp
Ogilvy Financial, U.S.
SOURCE ReneSola Ltd.