ReneSola to Provide 6.8MW of its Virtus II Modules for Multi-Array Project in California
SAN FRANCISCO, Dec. 9, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it will deliver 6.8MW of its high efficiency Virtus II 72-cell 300W polycrystalline photovoltaic (PV) modules to one of California's leading project developers, Pristine Sun.
"Our partnership with Pristine Sun in this multi-array project is another example of our expansion in California this year, and signals the growth of our brand recognition in the region. We have delivered two thirds of the total order of 6.8MW and have received excellent feedback on our products and service from Pristine Sun thus far," said Kevin Chen, president of ReneSola America. "Pristine Sun has a strong reputation in the industry, which has enabled it to receive support from major players."
Panasonic is providing the construction financing and performance guarantee, while Mosaic will provide take-out financing. The 6.8MW order is being installed by several contractors, resulting in a complex project with challenging schedules. This ground-mount project will consist of single-axis trackers, and is part of a portfolio of 75MW of similar projects being developed by Pristine Sun in California.
"We are impressed by ReneSola's outstanding responsiveness and attention to detail when it comes to back-end support. This is a complex project and the ReneSola team has provided high quality support to our two sub-contractors, Progressive Power Group and ArrayCon," said Troy Helming, CEO of Pristine Sun. "We have forged a solid partnership with ReneSola and look forward to developing more projects with ReneSola's Virtus II modules in the future."
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 Pristine Sun
Pristine Sun is an independent power producer and a leading developer of small utility-scale solar PV power plants in the United States. Having developed and constructed over $100 Million (26MW) of utility, commercial and industrial solar power plants in 2013, Pristine Sun achieved 400% compound annual growth in watts energized since 2009. Pristine Sun's core management team members each have more than a decade of experience in the development and finance of solar and wind projects, with combined experience on projects worth over $2 billion. Pristine Sun, originally backed by a $24 billion private equity fund, has a solar pipeline of 2GW with 750MW of projects under active development. The company's headquarters are in San Francisco.
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:
Ms. Laura Chen
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Brian Armentrout
Mr. Justin Knapp
Ogilvy Financial, U.S.
Mr. Michael Trenary
Pristine Sun, LLC
SOURCE ReneSola Ltd.