ReneSola Named to Tier 1 on Bloomberg BNEF Module Maker Tiering System
SAN FRANCISCO, July 10, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced today at the InterSolar North America solar exhibition and conference that the Company has been upgraded to "Tier 1" status on the prestigious Bloomberg New Energy Finance ("BNEF") PV Module Maker Tiering System.
BNEF developed its tiering system for PV module makers to create a transparent differentiation between the hundreds of manufacturers of solar modules on the market. The classification is based on bankability, specifically whether projects using a particular brand of solar modules are likely to be offered non-recourse debt financing by non-development banks. BNEF bases its findings on completed deals tracked through its database, which included more than 4,800 solar financings worldwide as of the end of last year. Tier 1 module manufacturers are those that have provided products to three different projects, which have received non-recourse financing by three different banks in the past two years.
"This is a big win for us and we worked diligently to reach this milestone. We recognize that major PV project developers, EPCs and financiers rely on the BNEF report and we believe this announcement will open up a broader section of the market for our high quality solar products," said Mr. Kevin Chen, president of ReneSola America. "We've built a strong presence in the U.S. with our highly talented and knowledgeable sales, marketing, and operational support staff. ReneSola has been marketing and selling solar PV modules and microinverters for just over a year. Now, with our three operations centers and eight warehouses in the U.S., the Company has quickly grown to become one of the industry's largest module suppliers. This recognition by BNEF reflects our commitment to the U.S. market and the great strides we have made in a short amount of time."
ReneSola is exhibiting at InterSolar North America this week in San Francisco, July 8-12, in booth #7321. The company welcomes visitors to view the Company's latest products, including its new Zep-framed module.
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. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE ReneSola Ltd.