ReneSola Modules Not Subject to U.S. Duties Associated with Anti-Dumping Case Diversified Supply Chain Key to Company's U.S. Growth
SHANGHAI, Oct. 16, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced that, as a result of the Company's diversified supply chain, its products will not be subject to anti-dumping and countervailing duties recently imposed by the U.S. Department of Commerce on a range of solar imports originating in China. Although the U.S. International Trade Commission is expected to make its own determination in November of this year, ReneSola does not expect its products or U.S. customers to be affected.
"The announcement by the Department of Commerce was not a surprise," said Mr. Xianshou Li, ReneSola's chief executive officer. "In fact, we had been preparing for this eventuality for months by diversifying our supply chain to ensure that our prices remain among the most competitive in today's marketplace. The new duties apply only to China-made cells and to modules assembled with such cells. The cells we use in the products we sell in the United States are manufactured outside of China and therefore not subject to these duties.
"These duties, which stem from complaints filed by German and U.S. manufacturers, are being imposed at a time when U.S. regulators should instead focus on the interests of U.S. consumers. Unfortunately, the tariffs will mostly harm thousands of U.S.-based installers and developers who will be forced to raise their prices in order to cover retroactive and anticipated penalties," added Mr. Li. "ReneSola maintains its deep commitment to research and development, and to bringing down the costs of solar power for consumers worldwide."
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, 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. Tony Hung
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Brian Armentrout
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE ReneSola Ltd.