ReneSola to Provide 10 MW of Virtus II PV Modules to Japanese Client Vitec
TOKYO, May 30, 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 agreed to provide Vitec Co., Ltd. ("Vitec"), a Japan-based seller of semiconductor and electronic components and provider of energy and environmental consulting services for Mega Solar projects, with 10 megawatts ("MW") of Virtus II modules.
According to the terms of the agreement, ReneSola's solar modules will be used in a number of solar projects, ranging from 0.6 MW to 2.4 MW in size, across Japan.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract with Vitec, a leading electronics company in Japan, reinforces our brand image as a high-efficiency and cost-effective PV product supplier. Since the debut of Virtus II at PV EXPO Japan in February, it has been well received by the Japan market with JET certification. We're confident our modules will enhance Vitec's portfolio and the end-user experience. We hope to continue working with Vitec as we expand our operations to deliver high-quality products and household PV solutions to the strategically important Japan market."
ReneSola Japan began operations in October 2012 to drive sales and business development in Japan. The Company has since been listed by the Japan Photovoltaic Expansion Center ("JPEC") and received certification from the Japan Electrical and Environment Technology Laboratories ("JET"), considered major accomplishments for a foreign company entering Japan's solar market. ReneSola expects its shipments to Japan to grow substantially in the second half of 2013, with Japan to become the Company's third largest market after Europe and United States.
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.
Vitec is a general electronics trading company dealing in such products as semiconductors, electronic components and displays. In addition to supplying these items to electrical appliance and electronics manufacturers, Vitec harnesses its network and accumulated know-how as a general electronics trading company to meet the diverse needs of customers across the solution / technical support, systems device, EMS-related and other business fields. Furthermore, through close cooperation with those affiliated companies that constitute the Vitec Group, Vitec is expanding into new stages of business development and growth.
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.