ReneSola Offers 25-Year SolarSafe Warranty Insurance
JIASHAN, China, March 7, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today began offering SolarSafe warranty insurance for its solar PV modules. The program, offered through Aon-COFCO Insurance Brokers Company Limited ("Aon-COFCO") and Yinda Taihe Property Insurance Company Ltd. ("YDPIC"), offers both performance guarantees and warranties of product quality.
Under the terms of the insurance agreement, ReneSola will provide its customers with a limited warranty program that includes guaranteed 25-year performance along with product quality warranties of up to 12 years for its solar PV modules sold overseas. SolarSafe covers liabilities matching 100 percent of the limited warranty offered by ReneSola and allows for the transfer of policy rights to end users.
SolarSafe widens the range of solar projects insured by lowering the minimum project value allowed, so both small and medium-sized clients can benefit. With rooftop applications covered under SolarSafe, ReneSola's solar modules are now insured for nearly all applications.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "SolarSafe insurance allows us to provide more complete, customer-friendly and flexible warranties to our clients. It can reassure customers of the long-lasting performance and high quality of our solar modules. The available 25-year coverage demonstrates the bankability of our products by mitigating the financial risks associated with solar projects. The insurance will help our customers in terms of financing their projects, while at the same time allow us to focus on the quality and performance of our solar modules."
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.
Founded in 2008, YDPIC is the subsidy of State Grid Corporation of China ("SGCC") and 100 percent held by SGCC. SGCC was founded on December 29, 2002. It is a state-owned enterprise and one of the most dominant corporations in China. As the world's largest public utility company, SGCC ranked 7th by Fortune 500 in 2011 with a net profit over $8.4 billion. As the property insurance platform of SGCC, YDPIC's strong financial strength is built on its consistent underwriting performance since its set-up. In 2011, YDPIC's gross profit reached over $40 million, outperforming all the Chinese insurers that have a history of less than five years.
Aon-COFCO, established in 2003, is China's first licensed international insurance and reinsurance company. It is a joint venture approved by the China Insurance Regulatory Commission comprising Aon Corporation—which is responsible for bringing technology, management skills and insurance expertise—and the China National Cereals, Oil & Foodstuffs Corp. (COFCO), whose wide presence in China provides experience of the Chinese market. Working close with its Asian clients, Aon-COFCO is able to bring Aon's global expertise in risk management and reinsurance to companies that are expanding their domestic and overseas business operations. Aon-COFCO provides market expertise in the following areas: construction and infrastructure, shipping, energy, chemical and pharmaceuticals, financial, automotive and heavy industry, high-tech, retail trade hotels, agriculture and food industry.
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:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE ReneSola Ltd.