ReneSola Awarded AAA Credit Rating
SAN FRANCISCO, July 23, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has been awarded the highest possible credit rating by China Export & Credit Insurance Corporation ("Sinosure"), a leading provider of export credit insurance, including coverage for the export of high value-added goods, and China's largest and only state-backed insurer.
"This upgrade speaks volumes to our credit history, operations and internal risk management," said ReneSola's chief financial officer, Henry Wang. "We pay strict attention to our credit processes and guidelines, which is one of the major reasons we've been able to avoid the bad debt issues that other PV module suppliers in today's global solar industry face. Sinosure operates under stringent standards and we're grateful it has recognized that ReneSola does the same."
Today's announcement comes after ReneSola was upgraded to Tier One status by Bloomberg New Energy Finance (BNEF) earlier this month. "We believe that developers and engineering, procurement and construction (EPC) contractors recognize that achieving these two landmarks isn't easy, so this announcement will play a big part in our growing brand awareness in the U.S. market."
Founded in 2005, ReneSola (NYSE: SOL) is a leading brand 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 .
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.
For investor and media inquiries, please contact:
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Brian Armentrout
Ms. Justin Knapp
Ogilvy Financial, U.S.
SOURCE ReneSola Ltd.