ReneSola to Supply 5.4MW in Solar Modules for India Utility Project OEM-produced Virtus II Modules Satisfy India's Domestic Content Requirement
JIASHAN, China, Aug. 20, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic products, today announced it will provide 5.4 megawatts ("MW") in solar modules to Welspun Energy Pvt. Ltd. ("Welspun Energy"), a New Delhi-based engineering, procurement and construction (EPC) firm, for a utility-scale project in India.
Under the terms of the agreement, this month ReneSola will provide 240W and 245W versions of its popular Virtus II solar PV modules, which were manufactured at the Company's India-based OEM facilities, thereby satisfying the project's domestic content requirements (DCR), which call for certain solar projects to incorporate locally manufactured components. The companies hope to expand the project, which is subject to regulatory allocation by India's National Solar Mission.
"ReneSola's global OEM capacity of more than 1.1 gigawatts allows us to respond quickly to client demand and to shifting trade policies across the major solar markets, which have become problematic for many of our China-based peers," said Mr. Xianshou Li, the Company's chief executive officer. "India is one of our seven OEM locations around the world, and we see high growth potential in the country's DCR market. Moreover, we look forward to working with Welspun Energy, an experienced and fast-growing EPC, to help India reach its green energy goals."
Founded in 2005 and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of green energy products. Leveraging its global presence, and expansive OEM and sales network, Renesola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.
For investor and media inquiries, please contact:
Ms. Laura Chen
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Justin Knapp
Ogilvy Financial, U.S.
SOURCE ReneSola Ltd.