ReneSola Completes Delivery of Virtus II (R) Modules for Uenohara Mega Solar Project in Japan
Company Signs New Contract with NIPPON STEEL & SUMIKIN BUSSAN MATEX CO., LTD. for 3MW of Additional Modules
SHANGHAI, Nov. 19, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced that, under its contract with NIPPON STEEL & SUMIKIN BUSSAN MATEX CO., LTD. ("NIPPON STEEL"), a Tokyo-based provider of steel and industrial supply, the Company has successfully completed delivery of 2MW of its highest-efficiency polysilicon modules, VirtusⅡ® 260W, in support of a 4MW mega solar project in Uenohara-shi, Yamanashi Prefecture, Japan. Delivery of the modules had commenced in April of this year as assembly of the ground-mounted project began. This Uenohara solar project in the Yamanashi area is operated by MDI-SB Solar Corporation, a joint venture company between Mitsuboshi Diamond Industrial Co., Ltd., an Osaka-based provider of cutting equipment for glass, LCD, and OLED, and NIPPON STEEL and is officially delivering power to the grid. Mayor of Yamanashi prefecture, Eguchi, attended a ceremony to celebrate the completion.
ReneSola has contracted with NIPPON STEEL to provide an additional 3MW of 260W VirtusⅡ® modules over the next two months. Further negotiations are under way regarding the supply of 15MW modules to meet NIPPON STEEL's expected demand for 2014. "Our high conversion-efficiency wafers enable us to develop energy-efficient, low-LID, and cost-effective modules such as our VirtusⅡ®," said Mr. Xianshou Li, the Company's chief executive officer. "Our advanced technology and in-house production capabilities helped us to become the first PV company to mass-produce 260W polysilicon PV modules."
"The modules we supplied for the Uenohara mega solar project are operating at their highest levels. This project is representative of our continued success in and commitment to the Japanese market, and demonstrates our ability to produce industry-leading modules that yield optimal performance. Our local presence, expertise in large-scale projects, and ability to provide technology-oriented and high-efficiency PV products are the reasons why our international clients continue to choose ReneSola. Moreover, we expect to pursue significant growth opportunities in Japan as we carry out expansion strategies in new markets in Southeast Asia," added Mr. Xianshou Li.
"ReneSola is a very strong player in the solar panels industry and this is the start of our plan to cooperate with them. They have committed their R&D efforts to maximize the durability and performance of their modules. We are confident their modules will be an advantage for our project," said Mr. Masateru Motegi, general manager of NIPPON STEEL.
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.
About Nippon Steel & Sumikin Bussan Matex Co., Ltd.
Nippon Steel & Sumikin Bussan Matex Co., Ltd. is a trader of steel products. The company also produces steel bars, steel sheets, plates, fuels, and nonferrous metals. Nippon Steel operates construction, real estate, warehousing, leasing, and transportation businesses.
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
Mr. Justin Knapp
Ogilvy Financial, U.S.
SOURCE ReneSola Ltd.
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